Matching questions
1-76 of 76
Click a definition to match it with a term
General Ledger
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All asset, liability, and stockholder's equity accounts
Internal Event
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These occur within an entity
What are the limitations of the Income Statement?
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- Companies will omit items from the income statement that cannot
measure reliably
- Income numbers are affected by the accounting methods employed
- Income measurement involves judgement
Post Closing Trial Balance
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to prove equality of the permanent account balances that the company
carries to the next accounting period
**contains only permanent balance sheet accounts
What happens when there is not an adjusting entry for deferrals?
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The assets and liability accounts will be overstated and the revenue and
expense accounts will be understated
, Verifiability
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When independent measurers, using the same method, reach similar results
Expense Recognition Principle
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expense should be matched with the revenues that the expenses helped
generate THIS quarter
Profit Margin/Gross Margin
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Gross Profit / Net Sales
** The larger the margin the greater the value
External Event
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1-76 of 76
Click a definition to match it with a term
General Ledger
Give this one a try later!
All asset, liability, and stockholder's equity accounts
Internal Event
,Give this one a try later!
These occur within an entity
What are the limitations of the Income Statement?
Give this one a try later!
- Companies will omit items from the income statement that cannot
measure reliably
- Income numbers are affected by the accounting methods employed
- Income measurement involves judgement
Post Closing Trial Balance
Give this one a try later!
to prove equality of the permanent account balances that the company
carries to the next accounting period
**contains only permanent balance sheet accounts
What happens when there is not an adjusting entry for deferrals?
Give this one a try later!
The assets and liability accounts will be overstated and the revenue and
expense accounts will be understated
, Verifiability
Give this one a try later!
When independent measurers, using the same method, reach similar results
Expense Recognition Principle
Give this one a try later!
expense should be matched with the revenues that the expenses helped
generate THIS quarter
Profit Margin/Gross Margin
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Gross Profit / Net Sales
** The larger the margin the greater the value
External Event
Give this one a try later!
