Match the accounting terms with the description by entering the proper letter in the space provided.A. Accrual basisB. Accrued expensesC. Accrued incomeD. Deferred expensesE. Deferred incomeF. Inventory sheetG. Net income or Net lossH. Prepaid expensesI. Property, plant, and equipmentJ. Unearned incomeK. Updated account balances_____ 1. Long-term assets that are used in the operation of a business and that are subject to depreciation (except for land, which is not depreciated)_____ 2. A form used to list the volume and type of goods a firm has in stock_____ 3. Another term for unearned income_____ 4. Expenses that are paid for and recorded before they are used, such as rent or insurance_____ 5. The amounts entered in the Adjusted Trial Balance section of the worksheet_____ 6. Expense
items that relate to the current period but have not yet been paid and do not yet appear in the accounting records_____ 7. Another term for prepaid expenses_____ 8. A system of accounting by which all revenues and expenses are matched and reported on financial statements for the applicable period, regardless of when the cash related to the transaction is received or paid_____ 9. Income that has been earned but not yet received and recorded_____ 10. The difference between the debit and credit columns of the Income Statement and the debit and credit columns of the Balance Sheet on the worksheet._____ 11. Income received before it is earned
What will be an ideal response?
(1) I, (2) F, (3) E, (4) H, (5) K, (6) B, (7) D, (8) A, (9) C, (10) G, (11) J
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Unambiguous language ________
A) has only one meaning B) means different things to different people C) is likely to lead to errors D) can confuse the listener E) should be avoided for the sake of clarity
A personal, revocable privilege to perform an act or series of acts upon the land of another is called a(n): ______
A) easement. B) tenement. C) license. D) lien.
When determining a cost structure for a business model, equipment lease payments would be an example of a _______ cost.
A. fixed B. variable C. semi-variable D. static
Which of the following statements is CORRECT?
a. If a firm increases its sales while holding its accounts receivable constant, then, other things held constant, its days' sales outstanding will decline. b. If a security analyst saw that a firm's days' sales outstanding (DSO) was higher than the industry average and was also increasing and trending still higher, this would be interpreted as a sign of strength. c. If a firm increases its sales while holding its accounts receivable constant, then, other things held constant, its days' sales outstanding (DSO) will increase. d. There is no relationship between the days' sales outstanding (DSO) and the average collection period (ACP). These ratios measure entirely different things. e. A reduction in accounts receivable would have no effect on the current ratio, but it would lead to an increase in the quick ratio.