Q 4.4 : Which of the following is true about unearned revenues ? Q 4.5 : Which of the following exemplify an asset-expense relationship ? Q 4.6 : If an adjustment is needed for unearned revenues , the liability is Q 4.7 : Which of the following explains the process of depreciation ? Q 4.8 : The of an asset is the difference between the cost of a depreciable asset and its related accumulated depreciation . Q 4.9 : From an accounting standpoint , the acquisition of a long-lived asset such as a building can be thought of as a long-term Q 4.10 : What does the time period assumption state ? Q 4.11 : Which of the following are common time periods that businesses use as their accounting period ? Select all that apply . Q 4.12 : A is an accounting period that is one year long Q 4.13 : basis accounting is in accordance with generally accepted accounting principles . Q 4.14 : According to the revenue recognition principle , when should revenue be recognized in the accounting period ? Q 4.15 : Companies must make adjusting entries Q 4.16 : Suppose that a company did not make an adjusting entry to record revenue earned but not yet billed to customers . The result of this error would be to Q 4.17 : If an adjusting entry for depreciation is NOT made , will be understated . Q 4.18 : The adjusted trial balance is the primary basis of the financial statements . Q 4.19 : All balance sheet accounts are considered accounts because their balances are carried over into future accounting periods . Q 4.20 : Closing entries and a post-closing trial balance are steps in the accounting cycle that occur
ACC 290 Chapter 4 Orion ACC 290 Ch 4 practice quiz