Sunt Allowance for Uncollectible Accounts is classified as a$($n$)$

expense.

$2$ long$-$term asset.

c$.$ contra asset associated with Accounts Receivable.

d$.$ liability.

Under the cash basis of accounting:

a$.$ revenue is only recognized when cash is collected.

b$.$ revenue is only recognized when services are performed or goods are delivered.

c$.$ revenue is only recognized when credit sales are recorded.

d$.$ revenues are never recognized.

$9.$ The revenue recognition principle requires that revenue be recognized:

a$.$ when cash is received.

b$.$ in the period that income taxes are paid.

c$.$ when the performance obligation is satisfied.

d$.$ only at the end of the period.

$10.$ Under the accrual$-$basis of accounting, expenses are recognized when:

a$.$ they are paid.

b$.$ the buyer signs a contract that explains the terms of payment.

c$.$ they are collected.

d$.$ resources are consumed or costs are used in company operations.

$11.$ Which of the following statements is true?

a$.$ adjusting entries are necessary to ensure the correct amount of revenues and expenses are recognized each period.

b$.$ adjusting entries reduce the balances of revenue, expense, and dividend accounts to zero.

c$.$ adjusting entries are not required when using accrual$-$basis accounting.

d$.$ none of the above statements.

$12.$ Immediately after completing the adjusting entries for the fiscal period,

a$.$ The financial statements are complete.

b$.$ The balances of all accounts are zero.

c$.$ We are ready to prepare the income statement and other financial statements.

d$.$ The balances of all temporary accounts are zero.