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FinMan10e_ATest_ch03 - 10th Edition FINANCIAL MANAGERIAL...

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10th Edition FINANCIAL & MANAGERIAL ACCOUNTING CORPORATE FINANCIAL ACCOUNTING Warren/Reeve/Duchac Chapter Test 3A Score % Name Course Section NOTE: Each of the 40 correct answers is assigned a weight of 2½%. FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY—15% INSTRUCTIONS: Complete each of the following statements by writing the appropriate words in the Answers column. A
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TEST 3A (Concluded) For Scoring STATEMENTS Answers 0. The accounting principle that requires the matching of revenues and expenses is called the ............................................................................... matching concept 0. ____ 1. The expense associated with the decrease in economic usefulness of a fixed asset with the passage of time is ...................................................... 1. ____ 2. Accumulated depreciation accounts that are “offset against” fixed asset accounts are .............................................................................................. 2. ____ 3. The updating of accounts at the end of the accounting period is called ...
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3. ____ 4. The journal entries made at the end of the accounting period to properly match revenues and expenses are called ................................................ 4. ____ 5. Payments that have been initially recorded as assets but are expected to become expenses through the normal operations of the business are called .......................................................................................................... 5. ____ 6. Revenues that have been earned but have not been recorded in the accounts are called .................................................................................... 6. ____
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TEST 3A (Concluded)
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