Match the term and the definition.There are more definitions than terms.
_____ core activities
_____ unearned revenue
_____ expenditure
_____ revenue principle
_____ accrual basis
_____ capitalize
_____ expense
_____ net income
A.When line items are broken down into their component subcategories.
B.To reduce the recorded value of an asset to reflect its true market value.
C.The secondary or peripheral activities of a company.
D.Any outlay of money by a company whether related to production or not.
E.Also known as operating income.
F.The concept that revenue and expenses should be recorded at the time received or paid.
G.When a cost is reported as an asset on the balance sheet.
H.The main business activities of a company.
I.The concept that revenue should be recorded when earned,not necessarily when payment is received.
J.Revenues should be recorded when they are earned and expenses when they are incurred.
K.Total revenue minus total expenses.
L.Any use or sacrifice of a company's resources to generate revenue.
M.The increase in value of financial assets held by a company.
N.Payments received for goods that have not yet been delivered or services that have not yet been performed.
O.The concept that a company should record revenue during the same period as expenses.
Correct Answer:
Verified
Q99: The cash basis of accounting works best
Q100: All operating activities will increase a company's
Q101: The following is a series of
Q103: An increase in unearned revenue would have
Q105: Net income for the accounting period will
Q106: Operating cycle is the time period from
Q107: The matching principle requires that expenses be
Q108: At September 30,Balance Corporation reported the
Q109: Match the term and the explanation.There are
Q121: Indicate whether a debit (dr)or credit (cr)would
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents