Debits and Credits

1. ____ Debits and credits must equal for every transaction.

2. ____ A list of all recorded journal entries is maintained in the ledger.

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3. ____ Revenue may not be recorded until cash is collected.

4. ____ A transaction is any event that has a financial impact on a company.

5. ____ An expense account is increased with a credit.

6. ____ Examples of accrued expenses include salary, rent, and interest.

7. ____ Posting refers to process of recording journal entries.

8. ____ A company must recognize an accrued expense as incurred.

9. ____ The matching principle states that expenses should be recognized in the same period as the revenues they help generate.

10. ____ Unearned revenue is a type of revenue account.