ACCT 2000 EXAM 2 LSU TERMS CERTIFICATION TEST PAPER 2026 COMPLETE QUESTIONS AND ACCURATE ANSWERS GRADED A+

ACCT 2000 EXAM 2 LSU TERMS
CERTIFICATION TEST PAPER 2026
COMPLETE QUESTIONS AND ACCURATE
ANSWERS GRADED A+

●● Cash-Basis Accounting.
Answer: Records revenue when cash is received and expenses when
cash is paid


●● Why Adjustments Are Needed.
Answer: To match revenues and expenses to the correct period and
prepare accurate financial statements


●● Adjusting Entries.
Answer: Entries made at the end of a period to update accounts before
financial statements


●● Prepaid Expenses (Deferral).
Answer: Paid before used; expense increases and asset decreases


●● Unearned Revenue (Deferral).
Answer: Paid before earned; revenue increases and liability decreases

, ●● Accrued Expenses.
Answer: Owe but have not paid; expense increases and liability
increases


●● Accrued Revenues.
Answer: Earned but not received; revenue increases and asset increases


●● Supplies Adjustment.
Answer: Beginning supplies minus ending supplies equals supplies used


●● Depreciation.
Answer: Allocation of cost of an asset over time


●● Accumulated Depreciation.
Answer: Total depreciation recorded on an asset (contra asset)


●● Interest Formula.
Answer: Interest = Principal × Rate × Time


●● Interest Payable.
Answer: Interest owed but not yet paid (liability)