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Match the items below by entering the appropriate code letter in the space provided.




Question;Question;Match;the items below by entering the appropriate code letter in the space;provided.;Time;period assumption;Fiscal year;Revenue;recognition principle;Prepaid;expenses;Expense;recognition principle;Accrued;revenues;Depreciation;Accumulated;depreciation;Accrued;expenses;Book;value;1;A twelve month accounting period;2;Expenses paid before they are incurred;3;Cost less accumulated depreciation;4;Divides the economic life of a business into artificial time;periods;5;Efforts are related to accomplishments;6;A contra asset account;7;Recognition of revenue when the performance obligation is;satisfied;8;Revenues recognized but not yet received;9;Expenses incurred but not yet paid;10;A cost allocation process;Question;Match;the items below by selecting the appropriate number in the space provided.;Obligations;that a company expects to pay after one year.;A;part of owners' equity in a corporation.;An;optional tool which facilitates the preparation of financial statements.;A;temporary account used in the closing process.;Balance;sheet accounts whose balances are carried forward to;the next period.;The;average time that it takes to go from cash to cash in producing revenues.;Entries;to correct errors made in recording transactions.;The;exact opposite of an adjusting entry made in a previous period.;Entries;at the end of an accounting period to transfer the balances of temporary;accounts to a permanent owner's equity account.;Assets;that a company expects to pay or convert to cash or use up within one year.;1;Worksheet;2;Permanent accounts;3;Closing entries;4;Income Summary;5;Reversing entry;6;Common Stock;7;Current assets;8;Operating cycle;9;Long-term liabilities;10;Correcting entries;Question;Match;the items below by selecting the appropriate number in the space provided.;An;incentive to encourage customers to pay their accounts early.;Expenses;incurred in the process of earning sales revenue.;Freight;terms that require the seller to pay the freight cost.;Sales;revenue less sales returns and allowances and sales discounts.;A;document that supports each credit purchase.;Net;sales less cost of goods sold.;Freight;cost to deliver goods to customers reported as a selling expense.;Requires;a physical count of goods on hand to compute cost of goods sold.;Gross;profit less total operating expenses.;Freight;terms that require the buyer to pay the freight cost.;1;Net sales;2;Sales discounts;3;Purchase invoice;4;Periodic inventory system;5;FOB destination;6;FOB shipping point;7;Freight-out;8;Gross profit;9;Operating expenses;10;Income from operations;Question;Match;the items below by selecting the appropriate number in the space provided.;Measures;the number of times the inventory sold during the period.;Tracks;the actual physical flow for each inventory item available for sale.;Goods;that are only partially completed in a manufacturing company.;Cost;of goods sold consists of the most recent inventory purchases.;Goods;ready for sale to customers by retailers and wholesalers.;Title;to the goods transfers when the public carrier accepts the goods from the;seller.;Ending;inventory valuation consists of the most recent inventory purchases.;The;same unit cost is used to value ending inventory and cost of goods sold.;Title;to goods transfers when the goods are delivered to the buyer.;The;amount that would be paid at the present time to acquire an identical item.;1;Merchandise Inventor;2;Work in process;3;FOB shipping point;4;FOB destination;5;Specific identification method;6;First-in, first-out (FIFO) method;7;Last-in, first-out (LIFO) method;8;Average-cost method;9;Inventory turnover;10;Current replacement cost


Paper#37502 | Written in 18-Jul-2015

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