x.Hm trying to get done with everything that I am behind on! I am almost caught
ID: 2433612 • Letter: X
Question
x.Hm trying to get done with everything that I am behind on! I am almost caught up! I have a couple more Reviews to do and around 4-5 assignments left! This is so stressful being behind like this and I'm really trying to get caught up so that I can get back on track! Someone please help me!!!Explanation / Answer
x.Xidth="100%"> 1. The system of accounting where revenues are recorded when they are earned and expenses are recorded when they are incurred is called the cash basis of accounting. (Points: 1) True False2. Generally accepted accounting principles require accrual-basis accounting. (Points: 1) True False3. The matching concept requires expenses be recorded in the same period that the related revenue is recorded. (Points: 1) True False4. Adjusting entries are made at the end of an accounting period to adjust accounts on the balance sheet. (Points: 1) True False5. An unearned revenue is a liability. (Points: 1) True False6. The difference between the balance of a fixed asset account and the balance of its related accumulated depreciation account is termed the book value of the asset. (Points: 1) True False7. The Accumulated Depreciation's account balance is the sum of depreciation expense recorded in past periods. (Points: 1) True False8. The balance in the prepaid insurance account before adjustment at the end of the year is $6,000. The amount of the journal entry required to record insurance expense will be $4,000 if the amount of unexpired insurance applicable to future periods is $2,000. (Points: 1) True False9. Depreciation Expense is reported on the balance sheet as an addition to the related asset. (Points: 1) True False10. Adjustments for accruals are needed to record a revenue that has been earned or an expense that has been incurred but not recorded. (Points: 1) True False11. The accrual basis of accounting requires revenue be recorded when cash is received from customers. (Points: 1) True False12. The revenue recognition concept states that revenue should be recorded in the same period as the cash is received. (Points: 1) True False13. Prepaid Rent is a deferred expense. (Points: 1) True False14. An example of deferred revenue is Unearned Rent. (Points: 1) True False15. Revenue recognition concept requires that the reporting of revenue be included in the period when cash for the service is received. (Points: 1) True False16. An adjusting entry would adjust revenue so it is reported when earned and not when cash is received. (Points: 1) True
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