1 for specific request mail
ACCT 2000 Exam 2 LSU Elizabeth Briggs Questions
and Correct Answers | Latest Update
Accrual accounting
Ans: Transactions are recorded in the period in which the event ovcurs,
not when cash is recieved.
The Revenue Recognition Principle
Ans: Requires companies to recognize revenue in the accounting period
in which is it earned
Assignment Expert
The expense recognition principle
Guru01 - Stuvia
Ans: Expenses are matched with the revenues in the period when efforts
are expenses to generate revenues.
Adjusting entries should be prepared every time ____________________
2026
_______________ are issued in order to ensure all accounts are correctly
reported
©
Ans: Financial statements
From what document are financial statements prepared?
Ans: adjusted trial balance
Which account is never affected by adjusting entries?
Ans: Cash
Accumulated depreciation is a
Ans: Conta asset
What financial statement would include accumulated depreciation?
Ans: Balance sheet
, 2 for specific request mail
Which 2 accounts get closed directly in to retained earnings at the end of
the accounting period?
Ans: Income summary and dividends
What is the first and last step in the accounting cycle?
Ans: 1) analyze transactions
9) Prépare post closing trial balance
Net sales-Cost of goods sold =
Assignment Expert
Ans: Gross profit
Which inventory method maintains continuous records of inventory
Guru01 - Stuvia
every time a purchase or sale is made?
Ans: Perpetual
2026
Which inventory method determines cost of goods sold/inventory at the
end of an accounting period?
©
Ans: Periodic
When a purchaser buys inventory, ____________ is debited ans __________
___________ is credited
Ans: Inventory; accounts payable
When a seller completes a sales transaction (on credit), a two part entry is
required. Accounts receivable is debited and sales revenue is credited for
the sales price. In addition, Cost of goods sold is debited and Inventory is
credited for the _______
Ans: Cost
Operating income is calculated in a multi step income statement by
subtracting ___________ __________ from gross profit
ACCT 2000 Exam 2 LSU Elizabeth Briggs Questions
and Correct Answers | Latest Update
Accrual accounting
Ans: Transactions are recorded in the period in which the event ovcurs,
not when cash is recieved.
The Revenue Recognition Principle
Ans: Requires companies to recognize revenue in the accounting period
in which is it earned
Assignment Expert
The expense recognition principle
Guru01 - Stuvia
Ans: Expenses are matched with the revenues in the period when efforts
are expenses to generate revenues.
Adjusting entries should be prepared every time ____________________
2026
_______________ are issued in order to ensure all accounts are correctly
reported
©
Ans: Financial statements
From what document are financial statements prepared?
Ans: adjusted trial balance
Which account is never affected by adjusting entries?
Ans: Cash
Accumulated depreciation is a
Ans: Conta asset
What financial statement would include accumulated depreciation?
Ans: Balance sheet
, 2 for specific request mail
Which 2 accounts get closed directly in to retained earnings at the end of
the accounting period?
Ans: Income summary and dividends
What is the first and last step in the accounting cycle?
Ans: 1) analyze transactions
9) Prépare post closing trial balance
Net sales-Cost of goods sold =
Assignment Expert
Ans: Gross profit
Which inventory method maintains continuous records of inventory
Guru01 - Stuvia
every time a purchase or sale is made?
Ans: Perpetual
2026
Which inventory method determines cost of goods sold/inventory at the
end of an accounting period?
©
Ans: Periodic
When a purchaser buys inventory, ____________ is debited ans __________
___________ is credited
Ans: Inventory; accounts payable
When a seller completes a sales transaction (on credit), a two part entry is
required. Accounts receivable is debited and sales revenue is credited for
the sales price. In addition, Cost of goods sold is debited and Inventory is
credited for the _______
Ans: Cost
Operating income is calculated in a multi step income statement by
subtracting ___________ __________ from gross profit
