505807
Beschreibung
Quiz von smjackson7, aktualisiert more than 1 year ago
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Erstellt von smjackson7
vor mehr als 10 Jahre
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Frage 1
Frage
Revenue/Gains = ____________ in cash.
Antworten
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increases
-
decreases
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no changes/effect
Frage 2
Frage
Which system of accounting is used in GAAP?
Antworten
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Cash Method
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Accrual Method
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Neither Method
Frage 3
Frage
In the Cash method system of accounting, decreases/losses = _____________ in cash
Antworten
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increases
-
decreases
-
no changes
Frage 4
Frage
In the Accrual Method system of accounting, revenues/gains are recognized when _____________________________
Antworten
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earned and measurable
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incurred
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not recognized
Frage 5
Frage
Using the Accrual method, expenses/losses are recognized when _______________.
Antworten
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incurred
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earned and measurable
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not recognized
Frage 6
Frage
Expenditure is _________________________
Antworten
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funds saved
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funds spent
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no effect on funds
Frage 7
Frage
Expense is a _______________ of earnings on the Income Statement
Antworten
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increase
-
reduction
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no effect
Frage 8
Frage
Expenditure ________________ equal(s) expense
Antworten
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always
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doesn't always
Frage 9
Frage
We record a journal entry because there has been either:
Antworten
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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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