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Match the Items Below by Entering the Appropriate Code Letter

Question 260

Matching

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

Premises:
Recognition of revenue when the performance obligation is satisfied
A cost allocation process
Divides the economic life of a business into artificial time periods
A contra asset account
Cost less accumulated depreciation
Expenses paid before they are incurred
A twelve month accounting period
Efforts are related to accomplishments
Revenues recognized but not yet received
Expenses incurred but not yet paid
Responses:
Revenue recognition principle
Accrued revenues
Prepaid expenses
Bookvalue
Time period assumption
Accrued expenses
Fiscal year
Accumulated depreciation
Expense recognition principle
Depreciation

Correct Answer:

Recognition of revenue when the performance obligation is satisfied
A cost allocation process
Divides the economic life of a business into artificial time periods
A contra asset account
Cost less accumulated depreciation
Expenses paid before they are incurred
A twelve month accounting period
Efforts are related to accomplishments
Revenues recognized but not yet received
Expenses incurred but not yet paid
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