Match the items below by entering the appropriate code letter in the space provi
ID: 2776320 • Letter: M
Question
Match the items below by entering the appropriate code letter in the space provided.
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Match the items below by entering the appropriate code letter in the space provided.
Periodicity assumption - -12345678910 Cash basis - -12345678910 Revenue recognition principle - -12345678910 Prepaid expenses - -12345678910 Expense recognition principle - -12345678910 Accrued revenues - -12345678910 Depreciation - -12345678910 Post-closing trial balance - -12345678910 Accrued expenses - -12345678910 Book value - -12345678910 1. Events recorded only in periods the company receives or pays cash 2. Expenses paid before they are incurred 3. Cost less accumulated depreciation 4. The economic life of a business can be divided into artificial time periods 5. Efforts are related to accomplishments 6. Includes only permanent—balance sheet—accounts 7. Revenue is recognized when the performance obligation is satisfied 8. Revenues earned but not yet received 9. Expenses incurred but not yet paid 10. A cost allocation processWarning
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Explanation / Answer
Solution-
1.
Events recorded only in periods the company receives or pays cash
Cash basis
2.
Expenses paid before they are incurred
Prepaid expenses
3.
Cost less accumulated depreciation
Book value
4.
The economic life of a business can be divided into artificial time periods
Periodicity assumption
5.
Efforts are related to accomplishments
Expense recognition principle
6.
Includes only permanent—balance sheet—accounts
Post-closing trial balance
7.
Revenue is recognized when the performance obligation is satisfied
Revenue recognition principle
8.
Revenues earned but not yet received
Accrued revenues
9.
Expenses incurred but not yet paid
Accrued expenses
10.
A cost allocation process
Depreciation
1.
Events recorded only in periods the company receives or pays cash
Cash basis
2.
Expenses paid before they are incurred
Prepaid expenses
3.
Cost less accumulated depreciation
Book value
4.
The economic life of a business can be divided into artificial time periods
Periodicity assumption
5.
Efforts are related to accomplishments
Expense recognition principle
6.
Includes only permanent—balance sheet—accounts
Post-closing trial balance
7.
Revenue is recognized when the performance obligation is satisfied
Revenue recognition principle
8.
Revenues earned but not yet received
Accrued revenues
9.
Expenses incurred but not yet paid
Accrued expenses
10.
A cost allocation process
Depreciation
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