零售业的发展趋势CHAPTER 3
THE MATCHING CONCEPT AND THE ADJUSTING PROCESS
Chapter 3—The Matching Concept and the Adjusting Process
TRUE/FALSE
1. The system of accounting where revenues are recorded when they are earned and expens are recorded when they are incurred is called the cash basis of accounting.
方加偏旁
ANS: F DIF: 2 OBJ: 01
2. The accrual basis of accounting requires revenue be recorded when cash is received from customers.
ANS: F DIF: 2 OBJ: 01
3. Generally accepted accounting principles require accrual-basis accounting.
ANS: T DIF: 2 OBJ: 01
4. The revenue recognition concept states that revenue should be recorded in the same period as the cash is received.
ANS: F DIF: 2 OBJ: 01
天下良仓 5. The matching concept requires expens be recorded in the same period that the related revenue is recorded.
ANS: T DIF: 2 OBJ: 01
6. The financial statements measure precily the financial condition and results of operations of a business.
ANS: F DIF: 2 OBJ: 01
7. Adjusting entries are made at the end of an accounting period to adjust accounts on the balance sheet.
ANS: F DIF: 2 OBJ: 02
8. Adjusting entries affect only expen and ast accounts.
ANS: F DIF: 2 OBJ: 02
9. Prepaid Rent is a deferred expen.
ANS: T DIF: 1 OBJ: 02
10. An example of deferred revenue is Unearned Rent.
ANS: T DIF: 2 OBJ: 02
11. Accruals are needed when an unrecorded expen has been incurred or an unrecorded revenue has been earned.
ANS: T DIF: 2 OBJ: 02
12. An adjusting entry would adjust revenue so it is reported when earned and not when cash is received.
ANS: T DIF: 2 OBJ: 02
13. An adjusting entry would adjust an expen account so the expen is reported when incurred.
ANS: T DIF: 2 OBJ: 02
14. An adjusting entry to accrue an incurred expen will affect total liabilities.
ANS: T DIF: 2 OBJ: 02
递增数列
15. The difference between deferred revenue and accrued revenue is that accrued revenue has been recorded and needs adjusting and deferred revenue has never been recorded.
ANS: F DIF: 2 OBJ: 02
16. Deferrals are recorded transactions that delay the recognition of an expen or revenue.
ANS: T DIF: 1 OBJ: 02
17. Adjustments for accruals are needed to record a revenue that has been earned or an expen that has been incurred but not recorded.
ANS: T DIF: 2 OBJ: 02
梨子英文 18. If the debit portion of an adjusting entry is to an ast account, then the credit portion must be to a liability account.
ANS: F DIF: 2 OBJ: 02
19. An unearned revenue is a liability.
交警手势信号ANS: T DIF: 02 OBJ: 02
牛顿的名言
20. The systematic allocation of land's cost to expen is called depreciation.
牙齿美容ANS: F DIF: 2 OBJ: 03
21. The difference between the balance of a fixed ast account and the balance of its related accumulated depreciation account is termed the book value of the ast.
ANS: T DIF: 2 OBJ: 03
22. The Accumulated Depreciation's account balance is the sum of depreciation expen recorded in past periods.
ANS: T DIF: 2 OBJ: 03
23. Accumulated Depreciation accounts are liability accounts.
