Quiz 4 - 1. 04066 The matching principle states that...

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1. 04066 The matching principle states that expenses should be matched with revenues. Another way of stating the principle is to say that Student Response Value Correct Answer Feedback A.assets should be matched with liabilities. B.efforts should be matched with accomplishments. 100% C.dividends should be matched with stockholder investments. D.cash payments should be matched with cash receipts. Score: 0.5/0.5 2. 04008JP If the adjusting entry to record accrued revenue at the end of the month was not done, the financial statements would have the following problems. Student Response Value Correct Answer Feedback A.Net income would be understated, and assets would be understated. 100% B.Net income would be understated, and liabilities would be overstated. C.Net income would be overstated, and assets would be
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Student Response Value Correct Answer Feedback overstated. D.Net income would be overstated, and liabilities would be understated. Score: 0.5/0.5 3. 04107 Accrued revenues are Student Response Value Correct Answer Feedback A.received and recorded as liabilities before they are earned. B.earned and recorded as liabilities before they are received. C.earned but not yet received or recorded. 100% D.earned and already received and recorded. Score: 0.5/0.5 4. 04087 The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is
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Student Response Value Correct Answer Feedback A.contra asset. B.prepayment. C.asset. D.accrual. 100% Score: 0.5/0.5 5. 04128 A company usually determines the amount of supplies used during a period by Student Response Value Correct Answer Feedback A.adding the supplies on hand to the balance of the Supplies account. B.summing the
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Quiz 4 - 1. 04066 The matching principle states that...

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