Ch_4_practicequiz_with_solutions-1

Ch_4_practicequiz_with_solutions-1 - Vocabulary Quiz...

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Name Chapter 4 1. Expenses paid in cash and recorded as assets before they are used or consumed. 2. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent stockholders’ equity account, Retained Earnings. 3. The process of allocating the cost of an asset to expense over its useful life. 4. Cash received before a company earns revenues and recorded as a liability until earned. 5. The principle that dictates that efforts (expenses) be matched with accomplishments (revenues). 6. Accounting basis in which companies record, in the periods in which the events occur, transactions that change a company’s financial statements, rather than in the periods in which the company receives or pays cash. 7. The principle that revenue be recognized in the accounting period in which it is earned. 8. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. 9.
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This note was uploaded on 01/18/2012 for the course ACCT 207 taught by Professor Hudchinson during the Fall '08 term at University of Delaware.

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Ch_4_practicequiz_with_solutions-1 - Vocabulary Quiz...

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