Lackawanna ACC105 2021 September Module 3 Quiz Latest

ACC105 Principles of Accounting 1

Module 3 Quiz  

Question 1Accrual

Accrual Basis of Accounting

 Adjusting Entries

Adjusting Process

Cash Basis of Accounting

Deferral

Expense Recognition Principle

Matching Principle

A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.

Prepaid Expense

Revenue Recognition Principle

Unearned Revenue

Question 2Accumulated Depreciation

Adjusted Trial Balance

Book Value of the Asset

Contra Accounts

Depreciate

Depreciation

 Depreciation Expense

Fixed Assets

 Vertical Analysis