Ole Miss Accy 201 Exam #1- Bowlin
2025/2026 Exam Questions and Answers
| A+ Score Assured
time period assumption - 🧠 ANSWER ✔✔an organizations activities can be
divided into specific time periods
accrual basis of accounting - 🧠 ANSWER ✔✔uses the revenue and expense
recognition principles to match expenses with related revenues. *requires the use
of the adjusting process*
cash basis of accounting - 🧠 ANSWER ✔✔does not use revenue and expense
recognition principles, instead, revenue is recorded when cash is received from a
customer and expenses are recorded when cash is paid
adjusting process - 🧠 ANSWER ✔✔adjustments to accounts are required at the end
of each accounting period to ensure all balances are correct
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, causes of adjustments - 🧠 ANSWER ✔✔cash is paid (or received) before revenue
is recorded. i.e.- prepaid asset, unearned revenue
causes of adjustments - 🧠 ANSWER ✔✔cash is paid (or received) after expense or
revenue is recorded. i.e.- accrued expense, accrued revenue
unadjusted trial balance - 🧠 ANSWER ✔✔trial balance prepared before
adjustments are made
adjusted trial balance - 🧠 ANSWER ✔✔trial balance prepared after adjustments are
made
step 1 of closing process - 🧠 ANSWER ✔✔close revenue accounts to income
summary
step 2 of closing process - 🧠 ANSWER ✔✔close expense accounts to income
summary
step 3 of closing process - 🧠 ANSWER ✔✔close income summary to retained
earnings
step 4 of closing process - 🧠 ANSWER ✔✔close dividends to retained earnings
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
2025/2026 Exam Questions and Answers
| A+ Score Assured
time period assumption - 🧠 ANSWER ✔✔an organizations activities can be
divided into specific time periods
accrual basis of accounting - 🧠 ANSWER ✔✔uses the revenue and expense
recognition principles to match expenses with related revenues. *requires the use
of the adjusting process*
cash basis of accounting - 🧠 ANSWER ✔✔does not use revenue and expense
recognition principles, instead, revenue is recorded when cash is received from a
customer and expenses are recorded when cash is paid
adjusting process - 🧠 ANSWER ✔✔adjustments to accounts are required at the end
of each accounting period to ensure all balances are correct
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, causes of adjustments - 🧠 ANSWER ✔✔cash is paid (or received) before revenue
is recorded. i.e.- prepaid asset, unearned revenue
causes of adjustments - 🧠 ANSWER ✔✔cash is paid (or received) after expense or
revenue is recorded. i.e.- accrued expense, accrued revenue
unadjusted trial balance - 🧠 ANSWER ✔✔trial balance prepared before
adjustments are made
adjusted trial balance - 🧠 ANSWER ✔✔trial balance prepared after adjustments are
made
step 1 of closing process - 🧠 ANSWER ✔✔close revenue accounts to income
summary
step 2 of closing process - 🧠 ANSWER ✔✔close expense accounts to income
summary
step 3 of closing process - 🧠 ANSWER ✔✔close income summary to retained
earnings
step 4 of closing process - 🧠 ANSWER ✔✔close dividends to retained earnings
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
PRIVACY STATEMENT. ALL RIGHTS RESERVED
