FinMan10e_BTest_ch03

FinMan10e_BTest_ch03 - 10th Edition FINANCIAL & MANAGERIAL...

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10th Edition CORPORATE FINANCIAL ACCOUNTING Warren/Reeve/Duchac Chapter Test 3B Score % Name Course Section NOTE: Each of the 40 correct answers is assigned a weight of 2½%. B
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TEST 3B (Concluded) FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY—15% INSTRUCTIONS: Complete each of the following statements by writing the appropriate words in the Answers column. For Scoring STATEMENTS Answers 0. The accounting basis under which revenues are reported in the period in which they are earned and expenses are reported in the period in which they are incurred is called the . .................................................................. accrual basis 0. ____
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1. The difference between the cost of a fixed asset account and its related accumulated depreciation account is referred to as the fixed asset’s . ..... 1. ____ 2. The accounting basis under which revenues are reported in the period in which cash is received and expenses are reported in the period in which cash is paid is called the . ................................................................ 2. ____ 3. The process of posting adjusting and closing entries in the ledger at the end of an accounting period is called the . ................................................. 3. ____ 4. Receipts that have been initially recorded as liabilities but are expected to become revenues through the normal operations of the business are called . ................................................................................... 4. ____
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TEST 3B (Concluded) 5. Expenses that have been incurred but have not been recorded in the accounts are called . ................................................................................... 5. ____ 6. Accumulated depreciation accounts that are “offset against” fixed asset accounts are . ............................................................................................. 6. ____
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This note was uploaded on 07/17/2011 for the course ACCT 102 taught by Professor Martinez during the Summer '11 term at Rio Hondo College.

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FinMan10e_BTest_ch03 - 10th Edition FINANCIAL & MANAGERIAL...

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