Two accounting principles that are relied on in the adjusting process are:
a.Revenue recognition and monetary unit.
b.Matching and cost.
c.Revenue recognition and matching.
d.Revenue recognition and going-concern.
e.Matching and business entity.
Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to a liability are:
a.Intangible expenses.
b.Unearned expenses.
c.Prepaid expenses.
d.Net expenses.
e.Accrued expenses.
The time period assumption assumes that an organization’s activities can be divided into specific time periods including all of the following except:
a.Quarters.
b.Fiscal years.
c.Days.
d.Calendar years.
e.Months.
