Answered step by step
Verified Expert Solution
Question
1 Approved Answer
4. Match the definition with the proper accounting terms: 1. Materiality 2. Cash Basis 3. Matching 4. Going Concern 5. Accrual basis 6. Cost 7.
4. Match the definition with the proper accounting terms: 1. Materiality 2. Cash Basis 3. Matching 4. Going Concern 5. Accrual basis 6. Cost 7. Journal 8. Amortization 9. Control Account 10. Accounts Receivable 11. Prepaid Expense 12. Deferred Income 13. Accrued Expense 14. Contingent Liability A. An expense that has been recorded but not yet paid B. Support by a subsidiary ledger C. A book of original entry D. The principle of recording expenses in the same time period as their related revenue E. Income earned which cash has not yet been received. F. Expenditures, which will be charged to operations in future periods G. The principle which prohibits writing assets up to their appraised or estimated value H. A method of accounting that records income when received and expenses when paid 1. The assumption that the accounting entity will not be dissolved in the near future J. Revenue received in advance of services being performed or merchandises being shipped. K. The systematic allocation of an assets to periodic expense L. A method of accounting that records revenue and expenses as they are earned or incurred M. Debts, which have not been recorded due to uncertainty as to their existence and/or amount. N. A. concept that permits exception to an accounting principle for insignificant items
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started