ACC 421 Week 1 Individual Assignment Accounting Cycle Paper ( 2 Paper )
39 . On November 1 , 2005 , Key Co . paid $ 3,600 to renew its insurance policy for three years . At December 31 , 2005 , Key ' s unadjusted trial balance showed a balance of $ 90 for prepaid insurance and $ 4,410 for insurance expense . What amounts should be reported for prepaid insurance and insurance expense in Key ' s December 31 , 2005 , financial statements ? 40 . Which of the following accounts is not closed ? 41 . On January 1 , 2005 , customers owed Eagle $ 40,000 . On December 31 , 2005 , customers owed Eagle $ 30,000 . Eagle uses the direct write-off method for bad debts . No bad debts were recorded in 2005 . Under the cash basis of accounting , what amount of net revenue should Eagle report for 2005 ? 42 . Under Statement of Financial Accounting Concepts 6 , the term “ recognized ” is synonymous with the term 43 . Under Statement of Financial Accounting Concepts 8 , completeness is an ingredient of 44 . Which of the following characteristics relates to both accounting relevance and faithful representation ? =================================================
ACC 421 Week 1 Individual Assignment Accounting Cycle Paper ( 2 Paper )
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Prepare a 700- to 1,050-word paper explaining the overall accounting cycle at your organization .