Matching
Match the following terms with the appropriate definitions below.Some terms are used more than once.
Premises:
An end of period adjustment to recognize earnings related to work done but not yet billed
An end of period adjustment to recognize interest costs incurred but unpaid
An end of period adjustment to recognize office supplies used during a period
An end of period adjustment to recognize the amount of unearned revenue earned as of the end of the period
An end of period adjustment to recognize prepaid insurance used up during a period
An end of period adjustment to recognize depreciation on certain long-term assets
An end of period adjustment to recognize prepaid rent used up during a period
An end of period adjustment to recognize employee salaries earned but unpaid
Responses:
Deferred expense
Deferred revenue
Accrued expense
Accrued revenue
Correct Answer:
Premises:
Responses:
An end of period adjustment to recognize earnings related to work done but not yet billed
An end of period adjustment to recognize interest costs incurred but unpaid
An end of period adjustment to recognize office supplies used during a period
An end of period adjustment to recognize the amount of unearned revenue earned as of the end of the period
An end of period adjustment to recognize prepaid insurance used up during a period
An end of period adjustment to recognize depreciation on certain long-term assets
An end of period adjustment to recognize prepaid rent used up during a period
An end of period adjustment to recognize employee salaries earned but unpaid
Premises:
An end of period adjustment to recognize earnings related to work done but not yet billed
An end of period adjustment to recognize interest costs incurred but unpaid
An end of period adjustment to recognize office supplies used during a period
An end of period adjustment to recognize the amount of unearned revenue earned as of the end of the period
An end of period adjustment to recognize prepaid insurance used up during a period
An end of period adjustment to recognize depreciation on certain long-term assets
An end of period adjustment to recognize prepaid rent used up during a period
An end of period adjustment to recognize employee salaries earned but unpaid
Responses:
Related Questions
Q118: Describe the accrual basis of accounting.
Q178: On January 1,2010,We Haul,Inc.bought a $48,000 truck,which
Q179: Using the following income statement,calculate the profit
Q180: Fair Play,Inc.paid $3,600 on September 1,2011 for
Q182: The entry to record the purchase of
Q184: Selected data from Babel Co.'s accounting system
Q185: Clean Sweep,Inc.paid $7,200 on May 1,2011 for
Q186: Show the effects of each of the
Q187: Explain why adjustments are needed at the
Q188: Slumbers,Inc.borrows $3,000 at 12% from a bank