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Unformatted text preview: Name: __________________________ Date: _____________ AC 201 Quiz #2-Version C 1. The accounting principle that requires revenue to be reported when earned is the: A) Matching principle. B) Revenue recognition principle. C) Time period principle. D) Accrual reporting principle. E) Going-concern principle. 2. Adjusting entries are journal entries made at the end of an accounting period for the purpose of: A) Updating liability and asset accounts to their proper balances. B) Assigning revenues to the periods in which they are earned. C) Assigning expenses to the periods in which they are incurred. D) Assuring that financial statements reflect the of revenues earned and the expenses incurred. E) All of the above. 3. The total amount of depreciation recorded against an asset or group of assets during the entire time the asset or assets have been owned: A) Is referred to as depreciation expense....
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