The purpose of the ledger is to
· Question 19
Which statement is incorrect?
· Question 20
Match the items below by entering the appropriate code letter in the
space provided.
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ACC 556 Chapter 4 Quiz (100% Score)
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Chapter 4 Quiz
Question 1
The revenue recognition principle dictates that revenue be recognized
in the accounting period in which the performance obligation is
satisfied.
Question 2
An adjusting entry to a prepaid expense is required to recognize
expired expenses.
Question 3
Unearned revenue is a prepayment that requires an adjusting entry
when services are performed.
· Question 4
When closing entries are prepared, each income statement account is
closed directly to retained earnings.
· Question 5
The accounting cycle begins with the journalizing of the transactions