Quiz 03.98 – Terms and Phrases
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Match the terms given with their corresponding phrases, unqualified opinion, disclaimer, etc…
Match the terms given with their corresponding phrases, unqualified opinion, disclaimer, etc…
Match the given terms with their corresponding descriptions, current ratio, acid-test ratio, etc…
Match each phrase with its corresponding description, paid-in capital, prepaid expense, etc…
Complete the chart below by indicating an “X” in the appropriate box to signify whether the account is closed with a debit to the account, closed with a credit to the account, or not closed.
What types of accounts are listed in a Trial Balance Worksheet?
When a doctor performs surgery in March but receives payment from the patient in July, how is the revenue recognized under accrual accounting?
Why is an adjustment for accrued revenue necessary?
What is the impact of adjusting entries for prepaid rent on assets and expenses?
What is included in the adjusting entry to record the accrual of income tax expense?
What is the adjusting entry for a company that has accrued interest revenue but will not receive it until the next accounting period?