505807
Descrição
Quiz por smjackson7, atualizado more than 1 year ago
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Criado por smjackson7
mais de 10 anos atrás
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Questão 1
Questão
Revenue/Gains = ____________ in cash.
Responda
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increases
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decreases
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no changes/effect
Questão 2
Questão
Which system of accounting is used in GAAP?
Responda
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Cash Method
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Accrual Method
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Neither Method
Questão 3
Questão
In the Cash method system of accounting, decreases/losses = _____________ in cash
Responda
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increases
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decreases
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no changes
Questão 4
Questão
In the Accrual Method system of accounting, revenues/gains are recognized when _____________________________
Responda
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earned and measurable
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incurred
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not recognized
Questão 5
Questão
Using the Accrual method, expenses/losses are recognized when _______________.
Responda
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incurred
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earned and measurable
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not recognized
Questão 6
Questão
Expenditure is _________________________
Responda
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funds saved
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funds spent
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no effect on funds
Questão 7
Questão
Expense is a _______________ of earnings on the Income Statement
Responda
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increase
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reduction
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no effect
Questão 8
Questão
Expenditure ________________ equal(s) expense
Responda
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always
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doesn't always
Questão 9
Questão
We record a journal entry because there has been either:
Responda
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An accounting event
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A required adjustment
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Closing of temporary accounts at the end of the accounting period
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All of the above
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None of the above
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