Matching
Match the term and the explanation.There are more definitions than terms
Premises:
prepaid expense
revenue recognition policy
loss
cash basis
net resources
gain
deferred revenue
unadjusted trial balance
expense recognition principle
Responses:
A company's policy on when to report revenue in the financial statements.
Also known as the accounting period,it is the interval of time covered by the financial statements.
Reported when a company sells goods or services in the ordinary course of business for more than it cost to produce.
Reported when a clothing company sells land for more than its book value.
Also known as net assets,this is the value of assets minus liabilities.
The concept that expenses should be reported at the same time as the related revenue.
A list of account balances when the accounts do not yet include all revenues and expenses.
The principle that changes in assets must be matched by changes in liabilities.
Means a financial statement does not balance.
An asset account indicating a company has already paid a cost not yet incurred.
An asset account indicating customers have already paid for goods not yet received.
A liability account indicating a company has already paid a cost not yet incurred.
Reporting expenses and revenue according to the time the underlying activities occur.
Reporting expenses and revenues according to the time the cash is paid or received.
Reported when a clothing company sells land for less than its book value.
A liability account indicating customers have already paid for goods not yet received.
Correct Answer:
Premises:
Responses:
A company's policy on when to report revenue in the financial statements.
Also known as the accounting period,it is the interval of time covered by the financial statements.
Reported when a company sells goods or services in the ordinary course of business for more than it cost to produce.
Reported when a clothing company sells land for more than its book value.
Also known as net assets,this is the value of assets minus liabilities.
The concept that expenses should be reported at the same time as the related revenue.
A list of account balances when the accounts do not yet include all revenues and expenses.
The principle that changes in assets must be matched by changes in liabilities.
Means a financial statement does not balance.
An asset account indicating a company has already paid a cost not yet incurred.
An asset account indicating customers have already paid for goods not yet received.
A liability account indicating a company has already paid a cost not yet incurred.
Reporting expenses and revenue according to the time the underlying activities occur.
Reporting expenses and revenues according to the time the cash is paid or received.
Reported when a clothing company sells land for less than its book value.
A liability account indicating customers have already paid for goods not yet received.
Premises:
A company's policy on when to report revenue in the financial statements.
Also known as the accounting period,it is the interval of time covered by the financial statements.
Reported when a company sells goods or services in the ordinary course of business for more than it cost to produce.
Reported when a clothing company sells land for more than its book value.
Also known as net assets,this is the value of assets minus liabilities.
The concept that expenses should be reported at the same time as the related revenue.
A list of account balances when the accounts do not yet include all revenues and expenses.
The principle that changes in assets must be matched by changes in liabilities.
Means a financial statement does not balance.
An asset account indicating a company has already paid a cost not yet incurred.
An asset account indicating customers have already paid for goods not yet received.
A liability account indicating a company has already paid a cost not yet incurred.
Reporting expenses and revenue according to the time the underlying activities occur.
Reporting expenses and revenues according to the time the cash is paid or received.
Reported when a clothing company sells land for less than its book value.
A liability account indicating customers have already paid for goods not yet received.
Responses:
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