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Ch 4 - Assig nment Pr int View Score 16 1 out of 16...

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1/23/2014 Assignment Print View http://ezto.mhecloud.mcgraw-hill.com/hm_accounting.tpx?todo=printview 1/16 Score: 16 out of 16 points (100%) 1. aw ard: 1 out of 1.00 point Listed below are nine technical accounting terms: Unrecorded revenue Adjusting entries Accrued expenses Book value Matching principle Accumulated depreciation Unearned revenue Materiality Prepaid expenses Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. a. The net amount at which an asset is carried in the accounting records as distinguished from its market value. Book value b. An accounting concept that may justify departure from other accounting principles for purposes of convenience and economy. Materiality c. The offsetting of revenue with expenses incurred in generating that revenue. Matching principle d. Revenue earned during the current accounting period but not yet recorded or billed, which requires an adjusting entry at the end of the period. Unrecorded revenue e. Entries made at the end of the period to achieve the goals of accrual accounting by recording revenue when it is earned and by recording expenses when the related goods and services are used. Adjusting entries f. A type of account credited when customers pay in advance for services to be rendered in the future. Unearned revenue g. A balance sheet category used for reporting advance payments of such items as insurance, rent, and office supplies. Prepaid expenses h. An expense representing the systematic allocation of an asset's cost over its useful life. None Worksheet Learning Objective: 04-04 Prepare adjusting entries to convert liabilities to revenue. Learning Objective: 04-08 Explain the concept of materiality. Learning Objective: 04-01 Explain the purpose of adjusting entries. Learning Objective: 04-05 Prepare adjusting entries to accrue unpaid expenses. Learning Objective: 04-09 Prepare an adjusted trial balance and describe its purpose. Learning Objective: 04-02 Describe and prepare the four basic types of adjusting entries. Learning Objective: 04-06 Prepare adjusting entries to accrue uncollected revenue. Learning Objective: 04-03 Prepare adjusting entries to convert assets to expenses. Learning Objective: 04-07 Explain how the principles of realization and matching relate to adjusting entries. Listed below are nine technical accounting terms: Unrecorded revenue Adjusting entries Accrued expenses Book value Matching principle Accumulated depreciation Unearned revenue Materiality Prepaid expenses Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms.
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