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Which of the following is frequently used to describe the expenses that are matched in the same accounting period in which they are incurred?


A) Market expenses
B) Matching expenses
C) Period costs
D) Working costs

Correct Answer

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Tandem Company borrowed $32,000 of cash from a local bank.Which of the following accurately reflects how this event affects the company's horizontal financial statements model? Tandem Company borrowed $32,000 of cash from a local bank.Which of the following accurately reflects how this event affects the company's horizontal financial statements model? A) Option A B) Option B C) Option C D) Option D


A) Option A
B) Option B
C) Option C
D) Option D

Correct Answer

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Reynolds Company experienced an accounting event that affected its financial statements as indicated below: Reynolds Company experienced an accounting event that affected its financial statements as indicated below: Which of the following accounting events could have caused these effects on the elements of Reynolds' statements? A) Paid a cash dividend. B) Earned cash revenue. C) Borrowed money from a bank. D) The information provided does not represent a completed event. Which of the following accounting events could have caused these effects on the elements of Reynolds' statements?


A) Paid a cash dividend.
B) Earned cash revenue.
C) Borrowed money from a bank.
D) The information provided does not represent a completed event.

Correct Answer

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Which of the following statements is true regarding accrual accounting?


A) Revenue is recorded only when cash is collected.
B) Expenses are recorded when they are incurred.
C) Revenue is recorded in the period when it is earned.
D) Revenue is recorded in the period when it is earned and expenses are recorded when they are incurred.

Correct Answer

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