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This Question Focuses on the Accounting Cycle and the Accounting

Question 157

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This question focuses on the accounting cycle and the accounting model. For each item listed, indicate the best description to it.

Premises:
Accrued expense
Temporary accounts
Closing entries
Permanent accounts
Adjusting entries
Deferred revenues
Responses:
End-of-period entries to transfer balances of temporary accounts to another account.
Income statement accounts.
Revenues collected but not earned.
Revenues minus expenses.
An expense incurred but not recorded nor paid.
Ending retained earnings.
Statement of financial position accounts.
Entries at the end of the period necessary to measure income.

Correct Answer:

End-of-period entries to transfer balances of temporary accounts to another account.
Income statement accounts.
Revenues collected but not earned.
Revenues minus expenses.
An expense incurred but not recorded nor paid.
Ending retained earnings.
Statement of financial position accounts.
Entries at the end of the period necessary to measure income.
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