Accrued revenues are a received and recorded as liabilities before they are

Accrued revenues are a received and recorded as

This preview shows page 23 - 25 out of 111 pages.

110.Accrued revenues are: a.received and recorded as liabilities before they are recognized.b.recognized and recorded as liabilities before they are received.c.recognized but not yet received or recorded.d.recognized and already received and recorded.Ans: C, LO 3, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting 111.Prepaid expenses are: 112.Goods purchased for future use in the business, such as supplies, are called: FOR INSTRUCTOR USE ONLY 4-23
Test Bank for Accounting: Tools for Business Decision Making, Fifth Edition Ans: A, LO 3, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FN: Reporting, AICPA PC: Problem Solving, IMA: Reporting 113. Accrued expenses are: a. paid and recorded in an asset account before they are used or consumed. b. paid and recorded in an asset account after they are used or consumed. c. incurred but not yet paid or recorded. d. incurred and already paid or recorded. Ans: C, LO 3, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FN: Measurement, AICPA PC: Problem Solving , IMA: Business Economics 114.Unearned revenues are: 115.Adjusting entries affect at least: a.one revenue and one expense account.b.one asset and one liability account.c.one revenue and one balance sheet account.d.one income statement account and one balance sheet account.Ans: D, LO 3, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FN: Measurement, AICPA PC: Problem Solving, IMA: Business Economics

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture