Question 1

Match between columns
                        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.

Accepted Answer

The Answer of Fiscal year and Interim financial statements and is...

Question 2

Match between columns
                        Premises: Entries used to transfer end-of-period balances in revenue, expense, and dividends accounts to the permanent retained earnings account.
Accounts that accumulate data related to one accounting period only they include income statement accounts, dividends, and the Income Summary account.
A list of permanent accounts and their balances from the ledger after all closing entries
A temporary account only used for the closing process that contains a credit for the sum of all revenues and a debit for the sum of all expenses.
The time span from when cash is used to acquire goods and services until cash is received from the sale of those goods and services.
Accounts that report on activities related to one or more future accounting periods they carry their ending balances into the next period.
Recurring steps in preparing financial statement performed each accounting period, beginning with analyzing transactions and ending with a post-closing trial balance or reversing entries.
Statements that show the effects of proposed transactions as if the transactions had already occurred.
A widely used working paper that is a useful tool for preparers in working with accounting information, usually not available to external decision makers.
Various analyses and internal documents prepared by accountants when organizing information for internal and external decision makers.

Accepted Answer

The Answer of Accounting cycle and Closing entries and Pro is...

Question 3

Match between columns
                        Premises: Used to record wages owed, but not yet paid.
Used to record expiration or use of prepaid insurance.
Used to record revenue earned for which cash was received in advance.
Used to record revenue earned for which cash has not been received.

Accepted Answer

The Answer of Unearned revenue and Prepaid expense and Accrued is...

Quiz 3: Adjusting Accounts for Financial Statements

Match the following terms with the appropriate definition.

Match the following appropriate definition with the correct term.

Match the following transactions with types of adjustments.