1. The matching principle in accounting requires the matching of: A) revenue earned with the assets used to product the revenue. B) revenue earned with the assets used less the liabilities incurred. C) revenue earned with the liabilities used to produce the revenue. D) revenue earned with the expenses incurred to produce the revenue. 2. Income taxes payable would be an example of a(n): A) deferred expense. B) deferred revenue. C) accrued expense. D) accrued revenue. 3. It is necessary to post: A) asset and liability entries. B) revenue and expense entries. C) adjusting entries. D) all journal entries. 4. Depreciation would be an example of a(n): A) deferred expense. B) deferred revenue. C) accrued expense. D) accrued revenue. 5. At the beginning of the period, the supplies account has a balance of $500. At the end of the period, the balance in the account was $275. The adjusting entry would be: A) debit supplies expense, $275; credit supplies, $275. B) debit supplies, $275; credit supplies expense, $275. C) debit supplies expense, $225; credit supplies, $225. D) debit supplies, $225; credit supplies expense, $225. 6. Which of the following accounts would NOT be adjusted? A) Accumulated depreciation B) Cash C) Depreciation expense D) Wages payable 7. The difference between the cost of office equipment and accumulated depreciationoffice equipment is called: A) market value. B) salvage value. C) book value. D) original value. 8. The adjusted trial balance is the basis for the preparation of: A) the statement of retained earnings. B) the income statement. C) the balance sheet. D) all financial statements. 9. The account to which revenue and expenses are closed is called: A) cash. B) retained earnings. C) common stock. D) sales. 10. Which of the following do NOT appear on the post-closing trial balance? A) Dividends B) Inventory C) Land D) Dividends payable
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