A B C D E F G H 1 J Question 1: Match the descriptions to the related terms below. Write the corresponding letter in the blank. 1. Requires companies to record all transactions that can be expressed in terms of money 2. Unearned revenues are this type of account 3. A business owned by one individual 4. Revenues, expenses, dividends, retained earnings and common stock are all this type of accou 5. This report proves that debits equal credits after posting is completed 6. This term indicates the buyer must pay the shipping charges 7. This account tracks the total amount of depreciation recorded since the asset was acquired 8. During the closing process, revenues are closed into this account 9. This inventory system updates inventory account for each inventory purchase and sale 10. Accounts receivable is this type of asset Accumulated depreciation Asset Balance sheet Current asset Depreciation expense Economic entity assumption FOB destination FOB shipping point Income statement Income summary K L M N O P Q R S T calculations. Longterm investment Monetary unit assumption Partnership Periodic Perpetual Property, plant and equipment Proprietorship Retained earnings Stockholders' equity Trial balance

A B C D E F G H 1 J Question 1: Match the descriptions to the related terms below. Write the corresponding letter in the blank. 1. Requires companies to record all transactions that can be expressed in terms of money 2. Unearned revenues are this type of account 3. A business owned by one individual 4. Revenues, expenses, dividends, retained earnings and common stock are all this type of accou 5. This report proves that debits equal credits after posting is completed 6. This term indicates the buyer must pay the shipping charges 7. This account tracks the total amount of depreciation recorded since the asset was acquired 8. During the closing process, revenues are closed into this account 9. This inventory system updates inventory account for each inventory purchase and sale 10. Accounts receivable is this type of asset Accumulated depreciation Asset Balance sheet Current asset Depreciation expense Economic entity assumption FOB destination FOB shipping point Income statement Income summary K L M N O P Q R S T calculations. Longterm investment Monetary unit assumption Partnership Periodic Perpetual Property, plant and equipment Proprietorship Retained earnings Stockholders' equity Trial balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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