GB 518 RANK Let's Do This /gb518rank.com GB 518 RANK Let's Do This /gb518rank.com | Page 27

Adjusted Trial Balance, Adjustments,
Financial Statements
Question 23. Question :
The approach to preparing
financial statements based on recognizing revenues when they
are earned and matching expenses to those revenues is:
Cash basis accounting
The matching principle
The time period principle
Accrual basis accounting
Revenue basis accounting
Question 24. Question :
A balance sheet that places the
assets above the liabilities and equity is called a(n):
Report form balance sheet
Account form balance sheet
Classified balance sheet
Unadjusted balance sheet