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38. The full set of procedures used to accomplish the measurement/communication process of financial accounting...

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Accounting

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38. The full set of procedures used to accomplish the measurement/communication process of financial accounting is referred to as the: A. Trial balance B. Accounting cycle C. Chart of accounts D. General ledger 39. Assume that $18,000 cash is paid for insurance to cover the next year. The appropriate debit and credit are: A. Debit Insurance Expense $18,000, credit Prepaid Insurance $18,000. B. Debit Prepaid Insurance $18,000, credit Insurance Expense $18,000. C. Debit Prepaid Insurance $18,000, credit Cash $18,000. D. Debit Cash $18,000, credit Prepaid Insurance $18,000. 40. The revenue recognition principle states that: A. Revenue should be recognized in the period the cash is received. B. Revenue should be recognized in the period goods and services are provided. C. Revenue should be recognized in the balance sheet. D. Revenue is a component of common stock. 41. When a magazine sells one-year subscriptions to customers but receives the full amount of cash immediately, it is an example of a(n): A. Accrued expense. B. Accrued revenue. C. Prepaid expense. D. Deferred revenue

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