Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

تمرين 44

Accounting Terminology
Listed below are eight technical accounting terms introduced in this chapter:

Each of the following statements may (or may not) describe one of these technical terms.or each statement, indicate the term described, or answer "None" if the statement does not correctly describe any of the terms.
a.he span of time covered by an income statement.
b.he sequence of accounting procedures used to record, classify, and summarize accounting information.
c.he traditional accounting practice of resolving uncertainty by choosing the solution that leads to the lowest amount of income being recognized.
d.n increase in owners' equity resulting from profitable operations.
e.he underlying accounting principle that determines when revenue should be recorded in the accounting records.
f.he type of entry used to decrease an asset or increase a liability or owners' equity account.
g.he underlying accounting principle of offsetting revenue earned during an accounting period with the expenses incurred in generating that revenue.
h.he costs of the goods and.ervices used up in the process of generating revenue.