9. The principle that requires expenses to be reported in the same period as the revenues that were eaned as a result of the expenses is the A. Revenue recognition principle B. Expense principle C. Cash basis of accounting Based on theolloingtrial belance fort Sal's Beauty Shop, peopare an income statement of nesuained canings and a balance shes, Aie made no aditional stock investments Se compuny buring the youe The neained ings sumber shorwn below represents the D. Matching principle E. Time period principle Tnial Balnce 10. A company records the fees for legal services paid in advance by its clients in an account called Unearned Legal Fees. If the company fails to make the end-of-period adjusting entry to record the portion of these fees that has been earned, one effect will be: A. An overstatement of equity B. An understatement of income C. An understatement of assets D. An understatement of liabilities 500 475 E. An overstatement of assets 11. The total amount of depreciation recorded against an asset or group of assets during the entire time the asset or assets have been used in the day to day operations of the business A. Is referred to as deprecition expense B. Is a contra-asset account C. Is shown on the income statement of the final period D. Is only recorded when the asset is disposed of E. Is a contra-liability account 12. Which of the follorwing assets is not depreciated? A. Store fixtures B. Compiners C. Land D. Buildings