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accnting horngren 3 Test

Enter the letter for the matching Answer
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1.
TIME-PERIOD CONCEPT
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2.
adjusting journal entries ACCRUED EXPENSE(liability) (3)
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3.
DEFERRED REVENUE
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4.
ACCRUED EXPENSE
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5.
ACCRUAL ACCOUNTING
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6.
accrual
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7.
ADJUSTED TRIAL BALANCE
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8.
prepaid
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9.
ADJUSTING ENTRY
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10.
Adjusting journal entries DEPRECIATION(2)
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11.
BOOK VALUE(of a Plant Asset)
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12.
Adjusting journal entries ACCRUED REVENUES (4)
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13.
Adjusting journal entries UNEARNED REVENUE (5)
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14.
Adjusting journal entries PREPAID EXPENSE 1)
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15.
Types of adjusting journal entries
A.
Asset that will be used up in the future(Prepaid Rent, Supplies, Ins.) The prepaid account like supplies when purchased is an asset. Really this asset is an expense in disguise, it does not convert to an expense until the period it is used up.
B.
A liabilty created when a business collects cash from customers in advance of doing work. Also called Unearned Revenue.
C.
The asset's cost minue accumulated depreciation
D.
EXPENSE OR REVENUE OCCURS BEFORE CASH
E.
Received cash before providing service or product The unearned revenue is a liabilty since it is due to a client or customer.
F.
An expense that the business has incurred but not yet paid. (taxes)
G.
Expense incurred before the cash is paid. Accrued Liability is an expense that has been incurred but not yet paid and is not an Accounts Payable. Salary Exp Debit Salary Payable or Accrued Salary Expense Credit earned in dec being paid in jan
H.
CASH OCCURS BEFORE EXPENSE
I.
Ensures that information is reported at regular intervals.
J.
Prepaid Exp.,Depreciation, Accrued Expense(liability), Accrued Rev.(asset), Unearned Revenue.
K.
Expensing of plant assets occurs, however the plant asset account is not reduced as w prepaids. A Contra account is used. When the adjusting entry is prepared to reduce the plant assets it would be credited to accumulated depreciation account(contra)
L.
Accrued Rev.(assets) earn rev. before receive cash and is not recorded in A/R yet. Contractor build home 12/31 only half way done Accnts Recv. or Accrued Revenue Debit half$ Service Rev Credit half $
M.
Accounting that records the impact of a business event as it occurs, regardless of wheter the transaction affected cash.
N.
A list of all the accounts with their adjusted balances.
O.
Entry made at the end of the period to assign revenues & expenses to the period they are earned or incurred. Adj. entries help measure the period's income and bring the related asset and liability accounts to correct bal. for the financial statements.
Type the Question that corresponds to the displayed Answer.
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16.
The allocation of a plant asset's cost to expense over it useful like.
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17.
Long-lived tangible assets-such as land, buildings, and equipment-used in the operation of a business
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18.
An account that always has a companion account and whose normal balance is opposite that of the companion account
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19.
A liability created when a business collects cash from customers in advance of doing work. Also call Deferred revenue
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20.
The basis for recording revenues; tells accountants when to record revenue and the amount of revenue to record.
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21.
The cumulative sum of all depreciation expense recorded for an asset.
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22.
A revenue that has been earned but not yet collected in cash. (commissons,)
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23.
Advance payments of expenses. Examples include prepaid rent, prepaid insurance and prepaid supplies.
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24.
accounting that records transactions only when cash is recived or paid
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25.
Guide to accounting for expenses. Identify all expenses incurred during the period, measures the expenses, and match them against the revenues earned during that same time period.

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