The accounting principle that requires revenue to be recorded when earned is the:
A. Expense recognition (matching) principle.
B. Going-concern assumption.
C. Time period assumption.
D. Accrual reporting principle.
E. Revenue recognition principle.
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Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are:
A. Balance sheet accounts.
B. Temporary accounts.
C. Real accounts.
D. Permanent accounts.
E. Closing accounts.
Assets, liabilities, and equity accounts are not closed; these accounts are called:
A. Temporary accounts.
B. Contra accounts.
C. Accrued accounts
D. Nominal accounts.
E. Permanent accounts.
The recurring steps performed each reporting period in preparing financial statements, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the:
A. Closing cycle.
B. Natural business year.
C. Operating cycle.
D. Accounting cycle.
E. Accounting period.
Which of the following is the usual final step in the accounting cycle?
A. Preparing a post-closing trial balance.
B. Preparing the financial statements.
C. Journalizing transactions.
D. Preparing a work sheet.
E. Preparing an adjusted trial balance.
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