Question 34 Not yet answered Marked out of 1.

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Generally accepted accounting principles

Select one:

a. Are established by the International Accounting Standards Board

b. May change over time

c. Both A & B

d. Neither A nor B

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Question 35 Not yet answered Marked out of 1.00

The realization principle indicates that revenue usually should be recognized and
recorded in the accounting records:

Select one:

a. When goods are sold or services are rendered to the customers.

b. When cash is collected from customers.

c. At the end of the accounting period.

d. Only when the revenue can be matched by an equal dollar amount of expenses.

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Question 36 Not yet answered Marked out of 1.00

The purpose of making closing entries is to:

Select one:

a. Reset the temporary accounts and update retained earnings.

b. Enable the accountant to prepare nancial statements at the end of the accounting
period.

c. Establish new balances in the balance sheet accounts.

d. Reduce the number of expense accounts.

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