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Match the Statements Below with the Appropriate Terms

Question 304

Matching

Match the statements below with the appropriate terms

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

Correct Answer:

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