Practice Question 01 The revenue recognition principle dictates that revenue is recognized in the period in which the cash is received . Practice Question 05 The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the Practice Question 10 Which statement is correct ? Practice Question 16 Book value is equal to cost minus accumulated depreciation Practice Question 21 Adjustments for unearned revenues : Practice Question 26 At December 31 , 2013 , before any year-end adjustments , Macarty Company ' s Prepaid Insurance account had a balance of $ 2,700 . It was determined that $ 1,500 of the Prepaid Insurance had expired . The adjusting entry for Insurance Expense for the year would be Practice Question 31 Which of the following is not a typical example of an accrued expense ? Practice Question 36 Saira works for a sports franchise which pays wages and salaries earned on a monthly basis . A new accountant was hired by the sports franchise in late May . Due to inexperience , the new accountant failed to accrue Saira ’ s salary for May . What is the impact on the May 31 financial statements of the sports franchise ? Practice Question 42 At the end of the accounting period , all balance sheet accounts are closed out . Practice Question 53 Which is the correct order of steps in the accounting cycle ?
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Q 5.1 : All of the following would be considered merchandising companies EXCEPT Q 5.2 : A department store uses a perpetual inventory system . At year-end , the balance in the merchandise inventory account is $ 2 million . Assuming that the inventory records have been maintained properly , a year-end physical inventory