ACC205 Week 2 – PowerPoint & Quiz: Chapter 3
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Question 1
1 / 1 pts
The Historical Cost Principle divides the economic life of a business into artificial time periods.
True
False
Question 2
1 / 1 pts
An accounting time period that is one year long is called the fiscal year.
True
False
Question 3
1 / 1 pts
Under accrual accounting revenue should be recognized when cash is received.
True
False
Question 4
1 / 1 pts
The matching principle means expenses should be recognized in the same accounting period as the revenue they helped produce.
True
False
Question 5
1 / 1 pts
Adjusting journal entries are only necessary for revenues that are unrecognized at the end of the accounting period.
True
False
Quiz Score: 5 out of 5
ACC205 Week 2 – PowerPoint & Quiz: Chapter 3 Answer
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