ACC210 ch4 qs

ACC210 ch4 qs - the book value. It just spreads the cost of...

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Chapter 4 Questions 1,7,9,15,17,19,20 1. A fiscal year is generally one full cycle of a year (around 365 days) It doesn’t need to start on Jan 1 it just needs to start on one day and end on that day of the next year. 7. The two categories of entries are prepayments and accruals. Prepayments are prepaid expenses and unearned revenues. Accruals include accrued expenses and accrued revenues. 9. I disagree. It has nothing to do with the fair market value. Depreciation in our sense is
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Unformatted text preview: the book value. It just spreads the cost of the item out over its life span. 15. Revenue would be credited and Asset would be credited 17. + 800 rev + 300 exp 800-300=500 19. a. debit expense b. credit prepaid expense c. debit prepaid expense d. credit expense e. credit expense f. debit expense 20. a. credit cash b. equipment debited c. revenue debited d. revenue debited e. revenue credited f. cash credited...
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This note was uploaded on 03/30/2008 for the course ACC ACC210 taught by Professor Unknown during the Spring '06 term at N.C. State.

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