13. MC.03-059 Prepaid expenses have a. not yet been recorded as expenses but have been paid b. not yet been paid nor recorded as expenses C, not yet been paid but recorded as expenses d. been recorded as expenses and paid 14. MC.03-050 The revenue recognition principle a, determines when revenue is credited to a revenue account b. is not in conflict with the cash method of accounting C. controls all revenue reporting for the cash basis of accounting d. states that revenue is not recorded until the cash is received 15. MC.03-051 The matching principle a. addresses the relationship between the journal and the balance sheet D. determines whether the normal balance of an account is a debit or credit c. requires that the dollar amount of debits equal the dollar amount of credits on a trial balance d. states that the revenues and related expenses should be reported in the same period 17. MC.04-131 of the following steps of the accounting cycle, which step should be completed last? a. Adjusting entries are journalized and posted to the ledger. b. An unadjusted trial balance is prepared. C. Transactions are posted to the ledger. d. An adjusted trial balance is prepared. 16. MC.04-085 Which one of the fixed asset accounts listed below will not have a related contra asset account a. Land b. Delivery Equipment c. Building d. Office Equipment