Practice quiz Ch 3

Practice quiz Ch 3 - Review Assessment PRACTICE QUIZ FOR...

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Review Assessment: PRACTICE QUIZ FOR CHAPTER 3 Question 1 5 out of 5 points The revenue recognition concept Correct Answer: determines when revenue is credited to a revenue account Question 2 0 out of 5 points Using accrual accounting, expenses are recorded and reported only Correct Answer: when they are incurred, whether or not cash is paid Question 3 0 out of 5 points By matching revenues and expenses in the same period in which they incur
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Correct Answer: net income or loss will be properly reported on the income statement Question 4 5 out of 5 points All adjusting entries always involve Correct Answer: at least one income statement account and one balance sheet account. Question 5 0 out of 5 points Prepaid expenses are eventually expected to Correct Answer: become expenses when their future economic value expires. Question 6 0 out of 5 points
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Which one of the accounts below would likely be included in an accrual adjusting entry?
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