1. A company's fiscal year must correspond with the calendar year.
FALSE
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2. The time period principle assumes that an organization's activities can be divided into specific time periods.
TRUE
3. Interim statements report a company's business activities for a 1-year period.
FALSE
4. A fiscal year refers to an organization's accounting period that spans twelve concutive months or 52 weeks.
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5. Adjusting entries are made after the preparation of financial statements.
FALSE
敦敦教诲的读音6. Adjusting entries result in a better matching of revenues and expens for the period.
TRUE
7. Two main accounting principles ud in accrual accounting are matching and full closure.
FALSE
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8. Adjusting entries are ud to bring ast or liability accounts to their proper amount and update the related expen or revenue account.
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9. The matching principle requires that revenue not be assigned to the accounting period in which it is earned.
FALSE
10. The revenue recognition principle is the basis for making adjusting entries that pertain to unearned and accrued revenues.
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11. The cash basis of accounting commonly results in financial statements that are not comparable from period to period.
TRUE
12. Under the cash basis of accounting, no adjustments are made for prepaid, unearned, and accrued items.
TRUE
13. Since the revenue recognition principle requires that revenues be earned, there are no unearned revenues in accrual accounting.
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14. The matching principle requires that expens get recorded in the same accounting period as the revenues that are earned as a result of the expens, not when cash is paid.
