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CHAPTER 3
THE MATCHING CONCEPT AND THE ADJUSTING PROCESS
Chapter 3—The Matching Concept and the Adjusting Process
Chapter 3—The Matching Concept and the Adjusting Process
TRUE/FALSE
1. The system of accounting where revenues are recorded when they are earned and expenses are
recorded when they are incurred is called the cash basis of accounting.
ANS: F DIF: 2 OBJ: 01
2. The accrual basis of accounting requires revenue be recorded when cash is received from
customers.
ANS: F DIF: 2 OBJ: 01
3. Generally accepted accounting principles require accrual-basis accounting.
ANS: T DIF: 2 OBJ: 01
4. The revenue recognition concept states that revenue should be recorded in the same period as
the cash is received.
ANS: F DIF: 2 OBJ: 01
5. The matching concept requires expenses be recorded in the same period that the related revenue
is recorded.
ANS: T DIF: 2 OBJ: 01
6. The financial statements measure precisely the financial condition and results of operations of a
business.
ANS: F DIF: 2 OBJ: 01
7. Adjusting entries are made at the end of an accounting period to adjust accounts on the balance
sheet.
ANS: F DIF: 2 OBJ: 02
8. Adjusting entries affect only expense and asset accounts.
ANS: F DIF: 2 OBJ: 02
9. Prepaid Rent is a deferred expense.
ANS: T DIF: 1 OBJ: 02
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Chapter 3—The Matching Concept and the Adjusting Process
10. An example of deferred revenue is Unearned Rent.
ANS: T DIF: 2 OBJ: 02
11. Accruals are needed when an unrecorded expense has been incurred or an unrecorded revenue
has been earned.
ANS: T DIF: 2 OBJ: 02
12. An adjusting entry would adjust revenue so it is reported when earned and not when cash is
received.
ANS: T DIF: 2 OBJ: 02
13. An adjusting entry would adjust an expense account so the expense is reported when incurred.
ANS: T DIF: 2 OBJ: 02
14. An adjusting entry to accrue an incurred expense will affect total liabilities.
ANS: T DIF: 2 OBJ: 02
15. The difference between deferred revenue and accrued revenue is that accrued revenue has been
recorded and needs adjusting and deferred revenue has never been recorded.
ANS: F DIF: 2 OBJ: 02
16. Deferrals are recorded transactions that delay the recognition of an expense or revenue.
ANS: T DIF: 1 OBJ: 02
17. Adjustments for accruals are needed to record a revenue that has been earned or an expense that
has been incurred but not recorded.
ANS: T DIF: 2 OBJ: 02
18. If the debit portion of an adjusting entry is to an asset account, then the credit portion must be to
a liability account.
ANS: F DIF: 2 OBJ: 02
19. An unearned revenue is a liability.
ANS: T DIF: 02 OBJ: 02
20. The systematic allocation of land's cost to expense is called depreciation.
ANS: F DIF: 2 OBJ: 03
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