Short Answer
This question focuses on the accounting cycle and the accounting model. For each item listed, indicate the best description by entering a capital letter in the space provided.
Description
A. End-of-period entries to transfer balances of temporary accounts to another account.
B. Income statement accounts.
C. Revenues collected but not earned.
D. Revenues minus expenses.
E. An expense incurred but not recorded nor paid.
F. Ending retained earnings.
G. Statement of financial position accounts.
H. Entries at the end of the period necessary to measure income.
Item
____ 1. Accrued expense
____ 2. Temporary accounts
____ 3. Closing entries
____ 4. Permanent accounts
____ 5. Adjusting entries
6. Deferred revenues
Correct Answer:

Verified
1. E; 2. B...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q26: Which of the following applies to both
Q27: On November 1, 20A, Zany Company leased
Q28: The three sections of the statement of
Q32: On January 1, 20A, Thomas Company paid
Q33: On January 1, 20B, the ledger of
Q34: To compute depreciation expense using the straight-line
Q34: Which one of the following accounts would
Q35: Failure to make an adjusting entry to
Q84: Rent of $150 collected in advance was
Q148: The dividends declared account should be closed