1) Which of the following accounts decreases with a credit?

A) Cash

B) Owner, Capital

C) Accounts Payable

D) Unearned Revenue

2) The matching principle is also called the ________.

A) adjusting entry concept

B) revenue recognition principle

C) expense recognition principle

D) time period concept

3) Which of the following is NOT a type of adjusting entry?

A) deferred expenses

B) accrued revenues

C) unearned expenses

D) deferred revenues

4) Which of the following statements is TRUE of the worksheet?

A) The worksheet is a tool that takes the place of financial statement preparation.

B) The worksheet is a document used to summarize data to prepare financial statements.

C) The worksheet is a financial statement issued to the public to communicate the financial results of a company.

D) The worksheet is a type of journal.

5) Which of the following accounts would appear in the balance sheet debit column of the worksheet?

A) Unearned Revenue

B) Accumulated Depreciation

C) Service Revenue

D) Prepaid Insurance

6) An account that is NOT closed at the end of the period is called a(n) ________.

A) expense account

B) temporary account

C) permanent account

D) revenue account

Answer rating: 100% (QA)

1 All liability and income accounts are increased with a credit while asset accounts and expense acc... View the full answer