9 payment of salaries of employees 10 payment of

This preview shows page 11 - 13 out of 13 pages.

_____9. Payment of salaries of employees._____10. Payment of supplier on account._____11. Sale of equipment in exchange for a note._____12. Supplies purchased on account._____13. Price adjustment granted to a customer._____14. Return of defective merchandise purchased._____15. Merchandise acquired for P10,000 giving note for P10,000.Name________________________________Year and Section_______________________Date____________________________Professor________________________
Test Material No.5Rating: _____________MATCHING TYPEChoices:Professor________________________A.Accounting periodN. DepreciationB.Accrued expensesO. Financial statementsC.Adjunct accountP. General ledgerD.Book valueQ. Income summaryE.Business documentsR. Nominal accountsF.Business enterpriseS. Post-closing trial balanceG.Closing entriesT. PostingH.Contra asset accountU. Prepaid expensesI.Cost of goods available for saleV. Real accountsJ.Cost of goods soldW. Reversing entriesK.CreditY. Subsidiary ledgerL.DebitZ. WorksheetM. DeferralInstructions: Write the letter that corresponds to the best answer._____1. The end product of the accounting process._____2. Expenses already incurred but not yet paid and recorded at the end of theaccounting period._____3. An account with credit balance which is deducted from an asset account._____4. Systematic allocation of cost of an item of property, plant and equipment overperiods benefited by the use of the asset,_____5. An entry on the right side of an account._____6. Economic entities organized for profit._____7. The original source materials evidencing business transactions._____8. Span of time covered by the income statement._____9. Merchandise inventory beginning plus purchases._____10. Journals designed in a tabular fashion to accommodate the recording ofspecific types of similar transactions.Name________________________________Year and Section_______________________Professor________________________Date____________________________
_____11. A book of accounts tha include all asset, liability, equity, revenue, andexpenses accounts._____12. The process of classifying and grouping similar transactions in commonaccounts by transferring amounts from the journals to the ledger._____13. A postponement of the recognition of an expense already paid, or of revenuesalready received in advance._____14. Entries that reduce all nominal accounts to a zero balance at the end of eachaccounting period._____15. A working paper often used by accountants to summarize adjusting entries._____16. The temporary account used in closing nominal accounts whose creditbalance represents net income._____17. Accounts whose balances are carried forward to the next accounting period._____18. Entries prepared at the beginning of a new accounting period to facilitate therecording of expense payments and revenue receipts in the usual manner._____19. A listing of all real account balances after the closing process has beencompleted._____20. The difference between the accumulated depreciation account and the relatedproperty and equipment account.
End of preview. Want to read all 13 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Spring
Professor
steve uydess
Tags
Generally Accepted Accounting Principles, Prepaid Insurance, c Debit Supplies, A Debit Supplies, Professor

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture