Exercise 01.19 – FASB (Matching)
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Match each concept with its description
Match each concept with its description
Determine which qualitative characteristic best applies to each situation.
Describe the dual effect on the accounting equation.
Describe the dual effect on the accounting equation.
For each situation, determine the date for which the company recognizes the revenue under accrual-basis accounting.
For each situation, determine the date for which the company recognizes the expense under accrual-basis accounting.
For each situation, determine the date for which the company recognizes revenue using cash basis accounting.
For each situation, determine the date for which the company recognizes the expense using cash-basis accounting.
Given information regarding items that need further consideration for financial statements… determine the adjusted amount of net income at year-end.
Your numbers will vary.
Show the adjusting entries that were made for supplies, prepaid insurance, salaries payable, and deferred revenue on December 31.
Your numbers will vary.