90.2K

Verified Solution

Link Copied!

6. The accounting principle that ensures that all expenses are recorded when they are incurred during the period, and compares those expenses against the revenues of the period is called the principle a. Comparison b. matching c. accrual d revenue recognition 7 The following information is available for A Company's Office Supplies account. Beginning balance $2,000 Office Supplies Expensed $8,000 Ending balance $3,000 From the above information, calculate the amount of office supplies purchased a. $2,000 b. $3,000 c. $8,000 d. $9,000 8. Revenues and expenses are transferred to the account before their final transfer into the Owner's Name, Capital account. a. income summary b. withdrawals C. net income dassets 9 Which of the following accounts will be included in a post-closing trial balance? a. Interest Expense b. Utilities Expense c. Service Revenue d. Interest Payable 10 An entity that buys goods and sells them to customers at a markup is a Producer b. merchandiser service provider d. manufacturer a. C 11 If goods are sold on terms FOB shipping point, the a. buyer and the seller split the shipping costs b. buyer normally pays the transportation costs c. shipping company bears the transportation cost d. seller normally pays the transportation costs

Answer & Explanation Solved by verified expert

See Answer