quiz 4 - Quiz 4 96% 1....

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Quiz 4 – 96% 1. An accounting time period that is one year in length is called  A. a fiscal year. 2. The revenue recognition principle dictates that revenue should be recognized in the  accounting records  B. when it is earned. 3. The matching principle matches B. expenses with revenues. 4. Expenses sometimes make their contribution to revenue in a different period than  when the expense is paid. When wages are incurred in one period and paid in the next  period, this often leads to which account appearing on the balance sheet at the end of  the first period? C. Wages Payable 5. Each of the following is one of the four situations that give rise to an adjusting entry  except: A. earned expenses. 6. Which one of the following is not a justification for adjusting entries? D. Adjusting entries are necessary to bring the general ledger accounts in line with the  budget. 7. A law firm received $2,000 cash for legal services to be rendered in the future. The  full amount was credited to the liability account Unearned Service Revenue. If the legal  services have been rendered at the end of the accounting period and no adjusting entry  is made, this would cause D. revenues to be understated.
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This note was uploaded on 07/16/2010 for the course ACCT 2302 taught by Professor Dr.winking during the Spring '10 term at Tulane.

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quiz 4 - Quiz 4 96% 1....

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