Matching
Match the statements below with the appropriate terms by entering the appropriate letter code in the spaces provided.
TERMS:
Premises:
A revenue not yet recognized; collected in advance.
A revenue recognized; not yet collected or recorded.
An expense not yet incurred; paid in advance.
An expense incurred; not yet paid or recorded.
Responses:
Unearned Revenues
Accrued Revenues
Preaid Expenses
Accrued Expenses
Correct Answer:
Premises:
Responses:
A revenue not yet recognized; collected in advance.
A revenue recognized; not yet collected or recorded.
An expense not yet incurred; paid in advance.
An expense incurred; not yet paid or recorded.
Premises:
A revenue not yet recognized; collected in advance.
A revenue recognized; not yet collected or recorded.
An expense not yet incurred; paid in advance.
An expense incurred; not yet paid or recorded.
Responses:
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