1. ____ Debits and credits must equal for every transaction.
2. ____ A list of all recorded journal entries is maintained in the ledger.
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.