Site MapHelpFeedbackMatching Quiz
Matching Quiz
(See related pages)


Match the following terms and definitions
1


Amounts earned by selling goods or services to customers.

2


Costs of business necessary to earn revenues.

3


The excess of revenues over expenses.

4


The long life of a company is divided into shorter periods, such as months, quarters, and years.

5


Reports revenues when cash is received and expenses when cash is paid; not allowed under GAAP.

6


Reports revenues when they are earned and expenses when they are incurred, regardless of the timing of cash receipts or payments; required under GAAP.

7


The requirement under accrual basis accounting to record revenues when they are earned, not necessarily when cash is received for them.

8


A liability representing a company’s obligation to provide goods or services to customers in the future.

9


The requirement under accrual basis accounting to record expenses in the same period as the revenues they generate, not necessarily the period in which cash is paid for them.

10


An internal report that lists all accounts and their balances to check on the equality of total recorded debits and total recorded credits.

Answer choices for questions 1 through 10
A)Trial balance
B)Cash basis accounting
C)Accrual basis accounting
D)Revenue principle
E)Revenues
F)Matching principle
G)Unearned Revenue
H)Net income
I)Time period assumption
J)Expenses





To learn more about the book this website supports, please visit its Information Center.
Copyright (c)2012 McGraw-Hill Education .
Any use is subject to the Terms of Use and Privacy Notice | Report Piracy


Fundamentals of Financial AccoOnline Learning Center

Home > Chapter 3 > Matching Quiz