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espense recognition The perlodicity assumption states that the economic...

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Accounting

espense recognition
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The perlodicity assumption states that the economic life of a business entity can be divi artificial time periods. 1. a. True b. False 2. Expense recognition is tied to revenue recognition. a. True b. False 3. Adjusting entries are often made because some business events are not recorded as a. True b. False 4 if prepaid costs are initially recorded as an asset, no adjusting entries will be require future. a. True b. False 5. Prepaid Expenses and Unearned Revenues are both examples of deferrals. a. True b. False 6. The only accounts that are closed are temporary accounts. a. True b. False 7. The Dividends account is closed to the Income Summary account at the end of e a. True b. False 8. A revenue account is closed (zeroed) with a credit to the revenue account and a Summary. a. True b. False 9. A fiscal year always ends December 31st. a. True b. False 10. Deferrals refer to accrued expenses and accrued revenues. a. True b. False 11. Accumulated Depreciation is a contra asset. a. True b. False diffarence in total dollars betw

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