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会计英语-Account Adjustments
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Asalaryowedtoemployeesisanexampleofanaccruedexpense.
Alladjustingentrieswillaffectonebalancesheetaccountandoneincomestatementaccount.
Theaccrualbasisofaccountingrecordsrevenueswhentheyare________.
Entriesthataremadeattheendofaperiodtocorrectaccountsbeforefinancialstatementsarepreparedarecalled_________.
Moneythatabusinesshasbeenpaidinadvanceforaservicethatwillbeprovidedlateriscalled_________.
OnJune30ofthecurrentcalendaryear,ApricotCo.paid£7,500cashformanagementservicestobeperformedoveratwo-yearperiod.Apricotfollowsapolicyofrecordingallprepaidexpensestoassetaccountsatthetimeofcashpayment.TheadjustingentryonDecember31forApricotwouldinclude_______.
Assumingprepaidexpensesareoriginallyrecordedinbalancesheetaccounts,theadjustingentrytorecorduseofaprepaidexpenseis:
Theadjustingentrytorecordanaccruedexpenseis:
Theadjustingentrytorecordanaccruedrevenueis:
_______areaccountswithbalancesthatarecarriedovertofutureyears.
Allofthefollowingaretrueregardingprepaidexpensesexcept:
Allofthefollowingaretrueregardingunearnedrevenuesexcept:
Whatareexpensesincurredinoneaccountingperiodbutnotpaiduntilanother?
OnJune30ApricotCo.paid£7,500cashformanagementservicestobeperformedoveratwo-yearperiod.Apricotfollowsapolicyofrecordingallprepaidexpensestoassetaccountsatthetimeofcashpayment.OnJune30Apricotshouldrecord_____.
Twomainaccountingprinciplesusedinaccrualaccountingarematchingandfullclosure.
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