Chapter 5

Question 0

Expenses must be recorded in the same time period as the revenue they helped earned, this is from what principle

Answer 0

Matching principle

Question 1

What does an expense entry decrease

Answer 1

Owners equity

Question 2

Accounting work was done for a client with 30days given for payment. Accounts receivable was debuted and revenue was credited what principle was the business following

Answer 2

Revenue recognition principle

Question 3

The number 410 indicates which type of account

Answer 3

Revenue

Question 4

A listing of accounts and their numbers is known as

Answer 4

Chart of accounts

Question 5

Tf. A computer taken fromA business for the owners use is debited to the drawings account

Answer 5

True

Question 6

Tf. A net loss results in reduced owners equity

Answer 6

True

Question 7

Tf. Expenses must be recorded in the same time. From that in which revenues earned

Answer 7

True

Question 8

Tf. The matching principle is more closely related to the balance sheet than it is to the income statement

Answer 8

False

Question 9

Tf. revenue and expense and drawings are all classifications of owners equity accounts

Answer 9

True