Match the following terms with the appropriate definition.
A. A method that allocates equal amounts of an asset's cost (less any salvage value) to depreciation expense during its useful life.
B. Any 12 consecutive months or 52-week period that a company adopts for its annual reporting period.
C. The accounting system that recognizes revenue when cash is received and records expenses when cash is paid.
D. A set of financial statements that covers less than one year, typically one, three, or six months of activity.
E. Revenues earned in a period that are both unrecorded and not yet received in cash or other assets.
F. The process of allocating the costs of long-term assets to the income statement over their expected useful lives.
G. Aims to record expenses in the same accounting period as the revenues that are earned as a result of those expenses.
H. The accounting system that uses the adjusting process to recognize revenues when earned and expenses when incurred.
I. Assumes that an organization's activities can be divided into specific time periods such as months, quarters, or years.
A. Straight-line depreciation
B. Fiscal year
C. Cash basis accounting
D. Interim financial statements
E. Accrued revenues
F. Depreciation
G. Expense recognition (matching) principle
H. Accrual basis accounting
I. Time period assumption
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What is true about a transfer?
A. It occurs when an employee is given less responsibility and authority. B. A transfer essentially increases compensation. C. It is an assignment of an employee to a position in a different area of the company, usually in a lateral move. D. It typically involves a full-time temporary position at another organization. E. A transfer fundamentally increases job responsibilities.
A trial balance that balances provides proof that all transactions were correctly journalized and posted to the ledger
a. True b. False Indicate whether the statement is true or false
Savings accounts that require a minimum balance and have earnings based upon market interest rates are known as _________________________ accounts.
Fill in the blank(s) with the appropriate word(s).
Language should function as a ______ enhancer.
a. credibility b. persuasion c. honesty d. openness