Week 2 Ch 4 Self Assessment

Week 2 Ch 4 Self Assessment - 1. The revenue recognition...

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1. The revenue recognition principle dictates that revenue is recognized in the period in which the cash is received. True False Score: 1 of 1 2. The matching principle requires that expenses be recognized in the same period that they are paid. True False Score: 1 of 1
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3. The cash basis of accounting is in accordance with generally accepted accounting principles. True False Score: 0 of 1 4. Book value is equal to cost minus accumulated depreciation. True False Score: 1 of 1
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5. Accrued expenses are expenses that have already been paid. True False Score: 1 of 1 6. Closing entries produce a zero balance in each temporary account. True False Score: 1 of 1
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7. Cash received in advance from a customer would not cause a difference between net income and cash provided by operating activities. True False Score: 1 of 1 8. A company receives their electricity bill on May 20, closes its books on May 31, sends a check in payment of the bill on June 5, and verifies the electric company received the check on June 11. Under the matching principle, the expense should be recognized on: May 31 June 11 May 20 June 5
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Score: 0 of 1 9. If revenues are recognized only when a customer pays, what method of accounting is being used? Matching basis Recognition basis Cash basis Accrual basis Score: 1 of 1 10. Which of the following is not a type of adjusting entry?
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Accrued revenues Prepaid expenses Accrued expenses Score: 1 of 1 11. Which of the following is not a typical example of a prepaid expense? Wages
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This note was uploaded on 06/08/2011 for the course COMPUTER CGS2100 taught by Professor Sanders during the Spring '09 term at Florida State College.

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Week 2 Ch 4 Self Assessment - 1. The revenue recognition...

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