Matching
Match the following terms with the appropriate definition.
Premises:
A method that allocates equal amounts of an asset's cost (less any salvage value)to depreciation expense during its useful life.
The accounting system that recognizes revenue when cash is received and records expenses when cash is paid.
Any 12 consecutive months or 52-week period that a company adopts for its annual reporting period.
Revenues earned in a period that are both unrecorded and not yet received in cash or other assets.
Assumes that an organization's activities can be divided into specific time periods such as months,quarters,or years.
Aims to record expenses in the same accounting period as the revenues that are earned as a result of those expenses.
A set of financial statements that covers less than one year,typically one,three,or six months of activity.
The process of allocating the costs of long-term assets to the income statement over their expected useful lives.
The accounting system that uses the adjusting process to recognize revenues when earned and expenses when incurred.
Responses:
Fiscal year
Interim financial statements
Expense recognition (matching)principle
Straight-line depreciation
Cash basis accounting
Accrued revenues
Time period assumption
Accrual basis accounting
Depreciation
Correct Answer:
Premises:
Responses:
A method that allocates equal amounts of an asset's cost (less any salvage value)to depreciation expense during its useful life.
The accounting system that recognizes revenue when cash is received and records expenses when cash is paid.
Any 12 consecutive months or 52-week period that a company adopts for its annual reporting period.
Revenues earned in a period that are both unrecorded and not yet received in cash or other assets.
Assumes that an organization's activities can be divided into specific time periods such as months,quarters,or years.
Aims to record expenses in the same accounting period as the revenues that are earned as a result of those expenses.
A set of financial statements that covers less than one year,typically one,three,or six months of activity.
The process of allocating the costs of long-term assets to the income statement over their expected useful lives.
The accounting system that uses the adjusting process to recognize revenues when earned and expenses when incurred.
Premises:
A method that allocates equal amounts of an asset's cost (less any salvage value)to depreciation expense during its useful life.
The accounting system that recognizes revenue when cash is received and records expenses when cash is paid.
Any 12 consecutive months or 52-week period that a company adopts for its annual reporting period.
Revenues earned in a period that are both unrecorded and not yet received in cash or other assets.
Assumes that an organization's activities can be divided into specific time periods such as months,quarters,or years.
Aims to record expenses in the same accounting period as the revenues that are earned as a result of those expenses.
A set of financial statements that covers less than one year,typically one,three,or six months of activity.
The process of allocating the costs of long-term assets to the income statement over their expected useful lives.
The accounting system that uses the adjusting process to recognize revenues when earned and expenses when incurred.
Responses:
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