ACC 2213 MGCCC Exam 2 Study Guide
Paul Johnson 100 % CORRECT
Revenue Recognition Concept- The accounting concept that supports reporting
revenues when the services are provided to customers.
Matching Concept - A concept of accounting in which expenses are matched with the
revenue generated during a period by those expenses.
The steps of the accounting cycle in order: - CORRECT ANSWER-1. Transactions are
analyzed and recorded in the journal.
2. Transactions are posted to the ledger.
3. An unadjusted trial balance is prepared.
4. Adjustment data are assembled and analyzed.
5. An optional end-of-period spreadsheet is prepared.
6. Adjusting entries are journalized and posted to the ledger.
7. An adjusted trial balance is prepared.
8. Financial statements are prepared.
9. Closing entries are journalized and posted to the ledger.
10. A post-closing trial balance is prepared.
Temporary and Real Accounts - CORRECT ANSWER-Temporary accounts are
company accounts whose balances are not carried over from one accounting period to
another, but are closed, or transferred, to permanent accounts at the end of an
accounting period.
Distinguish between adjusting and correcting entries - CORRECT ANSWER-Adjusting
entries are a planned part of the accounting process to update the accounts. Correcting
entries are not planned but arise only when necessary to correct errors.
Paul Johnson 100 % CORRECT
Revenue Recognition Concept- The accounting concept that supports reporting
revenues when the services are provided to customers.
Matching Concept - A concept of accounting in which expenses are matched with the
revenue generated during a period by those expenses.
The steps of the accounting cycle in order: - CORRECT ANSWER-1. Transactions are
analyzed and recorded in the journal.
2. Transactions are posted to the ledger.
3. An unadjusted trial balance is prepared.
4. Adjustment data are assembled and analyzed.
5. An optional end-of-period spreadsheet is prepared.
6. Adjusting entries are journalized and posted to the ledger.
7. An adjusted trial balance is prepared.
8. Financial statements are prepared.
9. Closing entries are journalized and posted to the ledger.
10. A post-closing trial balance is prepared.
Temporary and Real Accounts - CORRECT ANSWER-Temporary accounts are
company accounts whose balances are not carried over from one accounting period to
another, but are closed, or transferred, to permanent accounts at the end of an
accounting period.
Distinguish between adjusting and correcting entries - CORRECT ANSWER-Adjusting
entries are a planned part of the accounting process to update the accounts. Correcting
entries are not planned but arise only when necessary to correct errors.
