BU101 Unit 2 Review

Prior to the adjusting process, accrued revenue has

Prior to the adjusting process, accrued expenses have

Prepaid expenses have

Deferred revenue is revenue that is

Adjusting entries are

Adjusting entries affect at least one

An expense that has not been paid & has not been recognized in the books by a journal entry is

Generally accepted accounting principles require that companies use the ____ of accounting.

By matching revenue earned during the accounting period to related incurred expenses,

Prepaid expenses are eventually expected to become

Which of the following accounts would likely be included in an accrual adjusting entry?

Which of the following accounts would likely be included in a deferral adjusting entry?

A balance in the prepaid rent account after adjusting entries are made, represents a(n)

A balance in unearned subscriptions account after adjusting entries are made represents a(n)

The account type and normal balance of Prepaid Expense would be

The account type and normal balance of Unearned Revenue would be

The entry to adjust the accounts for salaries accrued at the end of the accounting period is

Accrued revenues would affect _______ on the balance sheet.

Accrued expenses affect ________ on the balance sheet.

The entry to adjust for the cost of supplies used during the accounting period is

When preparing the statement of owner's equity, the beginning capital balance can be found

Accumulated Depreciation appears on the

Notes receivable due in 390 days appear on the

Unearned fees appear on the

Which of the fixed asset accounts listed below will not have a related contra asset account?

Prepaid insurance is reported on the balance sheet as a

The first item appearing on the statement of owner's equity is

The statement of owner's equity should be prepared

The income statement should be prepared

The balance sheet should be prepared

The general term for delaying the recognition of an expense/revenue already paid/received

The classified balance sheet will show which asset subsections?

The classified balance sheet will show which liability subsections?

Debts listed as current liabilities are those that

On the balance sheet, owner's equity is

After posting the 1st closing entry to the capital acct, the balance will be +/- by

What is the first account that should be listed in the post-closing trial balance?

There are 2 closing entries. The first one is to close _____; the second one is to close _____.

Which of the accounts below would be closed by posting a debit to the account?

Which of the following accounts will not be closed to the capital acct at the end of the year?

If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry?

The accounting principle upon which deferrals and accruals are bases is

Fees payable could appear on the balance sheet as an

Data for an adjusting entry described as "accrues wages, $2,020" requires a

Prepaid rent, representing rent for the next six months' occupancy, would be reported on the tenant's balance

The net income reported on the income statement is $58,000. However, adjusting entries have not been made at the end of the period for supplies expense of 2,200 and accrued salaries of $1,300. Net income, as corrected, is

The net book value of a fixed asset is determined by the original cost

As time passes, fixed assets other than land lose their capacity to provide useful services. To account for this decrease in usefulness, the cost of fixed assets is systematically allocated to expense through a process called

Which of the accounts below would most likely appear on an adjusted trial balance but probably would not appear on the unadjusted trial balance?

Which of the following accounting steps in the accounting process would be completed last?

What is the major difference between the unadjusted trial balance and the adjusted trial balance?

The income statement should be prepared

Which of the following accounts should be closes to the capital account at the end of the year?

Of the following steps of the accounting cycle, which step should be completed first?

The accounting cycle requires three trial balances be done. In what order should they be prepared?

Once the adjusting entries are posted, the adjusted trial balance is prepared to

Which of the following accounts would not appear in the Balance Sheet columns of the end-of-period spreadsheet?

The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800(expenses) and credits are $77,520(revenue). What does this information mean to the accountant?