ch6pracques

ch6pracques - Chapter 6 Practice Questions 1 Match each...

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Chapter 6 Practice Questions 1. Match each transaction with its related term. Terms: a. Deferred Revenue b. Accrued Revenue c. Deferred Expense d. Accrued Expense Transactions: __d__ at the end of the year, wages payable of $3,600 has not been recorded or paid. __c__ supplies for the office use were purchased during the year for $500, and $100 of the office supplies remained on hand (unused) at year-end. __b__ interest of $250 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. __a__ at the end of the year, service revenue of $2,000 was collected in cash but was not yet earned. 2. Terminology – match the following terms with their correct definition. a. residual value b. book value c. contra account d. accruals e. deferrals __d__ the recognition of an expense or revenue that has arisen but has not yet been recorded. __c__ an account whose balance is subtracted from an associated account in the financial statements __a__ the estimated net scrap, salvage, or trade-in value of a tangible asset at the estimated date of disposal 3. For each of the following oversights, state whether total assets will by understated, overstated, or not affected. under
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This note was uploaded on 02/23/2011 for the course BUS 100 taught by Professor Staff during the Fall '08 term at IUPUI.

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ch6pracques - Chapter 6 Practice Questions 1 Match each...

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