505807
Descripción
Test por smjackson7, actualizado hace más de 1 año
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Creado por smjackson7
hace casi 11 años
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Pregunta 1
Pregunta
Revenue/Gains = ____________ in cash.
Respuesta
-
increases
-
decreases
-
no changes/effect
Pregunta 2
Pregunta
Which system of accounting is used in GAAP?
Respuesta
-
Cash Method
-
Accrual Method
-
Neither Method
Pregunta 3
Pregunta
In the Cash method system of accounting, decreases/losses = _____________ in cash
Respuesta
-
increases
-
decreases
-
no changes
Pregunta 4
Pregunta
In the Accrual Method system of accounting, revenues/gains are recognized when _____________________________
Respuesta
-
earned and measurable
-
incurred
-
not recognized
Pregunta 5
Pregunta
Using the Accrual method, expenses/losses are recognized when _______________.
Respuesta
-
incurred
-
earned and measurable
-
not recognized
Pregunta 6
Pregunta
Expenditure is _________________________
Respuesta
-
funds saved
-
funds spent
-
no effect on funds
Pregunta 7
Pregunta
Expense is a _______________ of earnings on the Income Statement
Respuesta
-
increase
-
reduction
-
no effect
Pregunta 8
Pregunta
Expenditure ________________ equal(s) expense
Respuesta
-
always
-
doesn't always
Pregunta 9
Pregunta
We record a journal entry because there has been either:
Respuesta
-
An accounting event
-
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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