Published on November 21, 2015
For more classes visit www.indigohelp.com ACC 290 Week 3 Quiz Question 1 The revenue recognition principle dictates that revenue is recognized in the period in which the cash is received. Question 2 The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the Question 3 Which statement is correct? Question 4 Book value is equal to cost minus accumulated depreciation. Question 5 Adjustments for unearned revenues: Question 6 At December 31, 2013, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be Question 7 Which of the following is not a typical example of an accrued expense?