ACC-Chapter 3
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Accrual-Basis Accounting | Accounting basis in which companies record transactions that change a company’s financial statements in the period in which the events occur
🗑
|
||||
| Accruals | Adjusting entries for either accrued revenues or accrued expenses
🗑
|
||||
| Accrued Expenses | Expenses incurred but not yet paid in cash or recorded
🗑
|
||||
| Accrued Revenues | Revenues earned but not yet received in cash or recorded
🗑
|
||||
| Adjusted Trial Balance | A list of accounts and their balances after the company has made all adjustments
🗑
|
||||
| Adjusting Entries | Entries made at the end of an accounting period to ensure that companies follow the revenue recognition and matching principles
🗑
|
||||
| Book Value | The difference between the cost of a depreciable asset and its related accumulated depreciation
🗑
|
||||
| Calendar Year | An accounting period that extends from January 1 to December 31
🗑
|
||||
| Cash-Basis Accounting | Accounting basis in which companies record revenue when they receive cash and an expense when they pay cash
🗑
|
||||
| Contra Asset Account | An account offset against an asset account on the balance sheet
🗑
|
||||
| Deferrals | Adjusting entries for either prepaid expenses or unearned revenues
🗑
|
||||
| Depreciation | The allocation of the cost of an asset to expense over its useful life in a rational and systematic manner
🗑
|
||||
| Fiscal Year | An accounting period that is one year in length
🗑
|
||||
| Interim Periods | Monthly or quarterly accounting time periods
🗑
|
||||
| Matching Principle | The principle that companies match efforts (expenses) with accomplishments (revenues)
🗑
|
||||
| Prepaid Expenses | Expenses paid in cash that benefit more than one accounting period and that are recorded as assets
🗑
|
||||
| Revenue Recognition Principle | The principle that companies recognize revenue in the accounting period in which it is earned
🗑
|
||||
| Time Period Assumption | An assumption that accountants can divide the economic life a business into artificial time periods
🗑
|
||||
| Unearned Revenues | Cash received and recorded as liabilities before revenue is earned
🗑
|
||||
| Useful Life | The length of service of a productive facility
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
JJACCOUNTING
Popular Business sets