Selected answer time period concept correct answer

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Selected Answer:   Time period concept Correct Answer:   Time period concept Question 15 5 out of 5 points The sum of all the depreciation expense recorded to date for a depreciable asset is  called __________. Selected Answer:   accumulated depreciation Correct  
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Answer: accumulated depreciation Question 16 5 out of 5 points Which of the following accounting elements does the matching principle help to  match? Selected Answer:   Expenses and revenues Correct Answer:   Expenses and revenues Question 17 5 out of 5 points The adjusted trial balance shows __________. Selected Answer:   account balances after adjustments Correct Answer:   account balances after adjustments Question 18 5 out of 5 points The accountant of Reliable Consulting Company failed to make an adjusting entry to  record $6,000 for unearned service revenues that were earned before the end of the  fiscal year. Assume the company initially recorded a liability. Which of the following  statements is TRUE? Selected Answer:   The total liabilities will be overstated. Correct Answer:   The total liabilities will be overstated. Question 19 5 out of 5 points Advance cash payments of future expenses are called __________. Selected Answer:   deferred expenses Correct Answer:   deferred expenses Question 20 5 out of 5 points The asset account, Office Supplies had a beginning balance of $5,700. During the  accounting period, office supplies were purchased, on account, for $5,100. A  physical count, on the last day of the accounting period, shows $2,000 of office 
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supplies on hand. What is the amount of Supplies Expense for the accounting  period? Selected Answer:   $8,800 Correct Answer:   $8,800
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