I need a solution The Adi S. Under the revenue recognition principle, when is re

Question

I need a solution

The Adi S. Under the revenue recognition principle, when is revenue recorded 6. Under the matching principle, when are espenses recorded? 7. When are adjusting entries completed, and what is their purpose? 8. What are the two basic categories of adjusting entries? Provide two examples of each 9. What is a deferred expense? Provide an example. 10. What is the process of allocating the cost of a plant asset over its useful life called 11. What is a contra account? 12. In the recording of depreciation expense, which account is credited? 13. What does accumulated depreciation represent? 14. How is book value calculated, and what does it represent? 15. What is a deferred revenue? Provide an example. IWhat is an accrued expense? Provide an example. 17. What is an accrued revenue? Provide an example 18. What are the two rules to remember about adjusting entries? 19. When is an adjusted trial balance prepared, and what is its purpose? 20. If an accrued expense is not recorded at the end of the year, what is the impact on the financial statements? 21. What is a worksheet, and how is it used to help prepare an adjusted trial balance? 22A. If of a deferred expense was recorded under the alternative treatment, a payment what account would be debited at the time of payment? If a paym what account would be debited in the adjusting entry? 23A. ent of a deferred expense was recorded under the alternative treatment,

Explanation / Answer

chegg policy is anwer first 4 questions still i answered 10 , for rest kindly repost i am sure you will ge the solutions for the rest

5)

Revenue is recognised when sevices are performed/earned rather than when cash is received

6)

Expenses are recognised when they are incurred rather then when cash is paid.

matching expenses against revenues is the key principle

7)

Adjusting entries are prepared prior to preparation of financial sattements in order to update accounts and are necessary:

a)to achieve a proper matching of revenues and expenses in measuring income

B)to achieve an accurate presentation of assets & liabilities

8)

there are two types of adjusting entries

i)Deferrals-unearned revenues , prepaid rent&office supplies

ii)Accruals-accrued salaries expense , accrued service revenue

9)

deferred expense-Money was paid for a future expense

example deferred advertisment expenditure

10)

the process of allocating the cost of plant asset over its useful life is called depriciation

11)

A contra account is an account that is paired with and listed immediately after its related account in the chart of accounts and associated financial statement and whose normal balance is opposite of the balance of the related accounts

12)

Accumualted depriciation account is credited

13)

Accumulated depriciation is the sum of all depriciation expense recorded to date for a depriciable asset

14)

Book value=cost of asset-accumulated depriciation

Book value represents the cost invested in the asset that company has not yet expensed

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.