Quiz Ch 03 – Identifying Types of Journal Entries
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
What type of journal entry is recorded when a liability account is debited and a revenue account is credited?
What type of journal entry is recorded when a liability account is debited and a revenue account is credited?
Where is the starting retained earnings balance located?
Recording a cash sale involves the same journal entry in both accrual and cash-basis accounting.
Failure to record an adjustment for earned deferred revenue by the end of the current period will result in an understatement of net income.
What is the requirement for recognizing expenses according to the expense recognition principle?
Which item is NOT required according to the joint new revenue recognition standard issued by FASB and IASB?
How are electronic fund transfers treated on a bank reconciliation statement?
What does a disagreement between the adjusted book balance and the adjusted bank balance in the bank reconciliation indicate?
What is the journal entry for an NSF check?
Which transactions require a journal entry?