ch 3b - Question 1 Accrued revenues and expenses result...

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Question 1    (1 point) Accrued revenues and expenses result when  Student response: Student Response Answer Choices a. the end of the year has occurred after  the transaction has been completed b. revenues and expenses are recognized  after cash is received or paid c. revenues and expenses are recognized  before cash is received or paid d. the bookkeeper has made an error Score: 1 / 1   Question 2    (1 point) Accrual basis accounting  Student response: Student Response Score: 1 / 1   Question 3    (1 point) On September 1, 2007, the Blue Streak Airline paid eight months rent to its landlord in advance. Blue Streak's bookkeeper  recorded the transaction by decreasing the cash account and increasing the rent expense account. On December 31 (end of  Blue Streak's fiscal year), an adjusting entry will need to be made by the airline that will increase  Student response: Student Response
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This note was uploaded on 04/29/2010 for the course ACCT 5031 taught by Professor Rusth during the Fall '09 term at University of Houston.

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ch 3b - Question 1 Accrued revenues and expenses result...

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