1.) _________________ refers to the convention of reporting revenue in the period it is considere…

 
   

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1.) _________________ refers to the convention of reporting revenue in the period it is considered to be earned and expenses in the period they are considered to be incurred.

2.)   ________________is the term used to describe a book of original entry where transactions are recorded in chronological order.

3.) Entries needed to update the accounts made in preparation for creating financial statements are referrered to as _______________.

4.) In accounting, the term used to name the left side of a T-account is _____________.

5.) Year-end current liabilities and current expenses would be understated as a result of a failure to record which of the following adjusting entries? a.) Accounts receivable that are uncollectible b.) The expiration of prepaid insurance c.) Accrued wages due and unpaid at year-end d.) None of the above