The revenue recognition principle dictates that revenue be recognized in the

The revenue recognition principle dictates that

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114.The revenue recognition principle dictates that revenue be recognized in the accounting periodA.before it is earned.C. in which the services are performed.B.after it is earned.D. in which it is collected.C115.Which of the following journal entries is required to close the Income Summary account of aprofitable company?116.Which of the following steps in the accounting cycle would not generally be performed daily?117.An unacceptable way to make a correcting entry is to
118.A current asset isA.the last asset purchased by a business.B.an asset which is currently being used to produce a product or service.C.usually found as a separate classification in the income statement.D.an asset that a company expects to convert to cash or use up within one year.D119.An intangible asset120.Which of the following would not be classified a long-term liability?121.The most important information needed to determine if companies can pay their current obligations is the122.Income Summary has a credit balance of $17,000 after closing revenues and expenses. The entry to close Income Summary isA.credit Income Summary $17,000, debit Retained Earnings $17,000.B.credit Income Summary $17,000, debit Dividends $17,000.C.debit Income Summary $17,000, credit Dividends $17,000.D.debit Income Summary $17,000, credit Retained Earnings $17,000.D

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