accounting 765

 

Question  

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Match the items below by entering the appropriate code letter in the space provided.

 

Time period assumption

 

Fiscal year

 

Revenue recognition principle

 

Prepaid expenses

 

Expense recognition principle

 

Accrued revenues

 

Depreciation

 

Accumulated depreciation

 

Accrued expenses

 

Book value

 

 

 

 

1.

A twelve month accounting period

2.

Expenses paid before they are incurred

3.

Cost less accumulated depreciation

4.

Divides the economic life of a business into artificial time periods

5.

Efforts are related to accomplishments

6.

A contra asset account

7.

Recognition of revenue when the performance obligation is satisfied

8.

Revenues recognized but not yet received

9.

Expenses incurred but not yet paid

10.

A cost allocation process

 

 

 

Question  

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Match the items below by selecting the appropriate number in the space provided.

 

Obligations that a company expects to pay after one year.

 

A part of owners’ equity in a corporation.

 

An optional tool which facilitates the preparation of financial statements.

 

A temporary account used in the closing process.

 

Balance sheet accounts whose balances are carried forward to the next period.

 

The average time that it takes to go from cash to cash in producing revenues.

 

Entries to correct errors made in recording transactions.

 

The exact opposite of an adjusting entry made in a previous period.

 

Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner’s equity account.

 

Assets that a company expects to pay or convert to cash or use up within one year.

 

 

 

 

1.

Worksheet

2.

Permanent accounts

3.

Closing entries

4.

Income Summary

5.

Reversing entry

6.

Common Stock

7.

Current assets

8.

Operating cycle

9.

Long-term liabilities

10.

Correcting entries

 

 

 

Question  

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Match the items below by selecting the appropriate number in the space provided.

 

An incentive to encourage customers to pay their accounts early.

 

Expenses incurred in the process of earning sales revenue.

 

Freight terms that require the seller to pay the freight cost.

 

Sales revenue less sales returns and allowances and sales discounts.

 

A document that supports each credit purchase.

 

Net sales less cost of goods sold.

 

Freight cost to deliver goods to customers reported as a selling expense.

 

Requires a physical count of goods on hand to compute cost of goods sold.

 

Gross profit less total operating expenses.

 

Freight terms that require the buyer to pay the freight cost.

 

 

 

 

1.

Net sales

2.

Sales discounts

3.

Purchase invoice

4.

Periodic inventory system

5.

FOB destination

6.

FOB shipping point

7.

Freight-out

8.

Gross profit

9.

Operating expenses

10.

Income from operations

 

 

 

Question  

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Match the items below by selecting the appropriate number in the space provided.

 

Measures the number of times the inventory sold during the period.

 

Tracks the actual physical flow for each inventory item available for sale.

 

Goods that are only partially completed in a manufacturing company.

 

Cost of goods sold consists of the most recent inventory purchases.

 

Goods ready for sale to customers by retailers and wholesalers.

 

Title to the goods transfers when the public carrier accepts the goods from the seller.

 

Ending inventory valuation consists of the most recent inventory purchases.

 

The same unit cost is used to value ending inventory and cost of goods sold.

 

Title to goods transfers when the goods are delivered to the buyer.

 

The amount that would be paid at the present time to acquire an identical item.

 

 

 

 

1.

Merchandise Inventor

2.

Work in process

3.

FOB shipping point

4.

FOB destination

5.

Specific identification method

6.

First-in, first-out (FIFO) method

7.

Last-in, first-out (LIFO) method

8.

Average-cost method

9.

Inventory turnover

10.

Current replacement cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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