an accrued revenue can best be described as an amount

paid and currently matched with earnings.B. A typical example is interest owed on a loan. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! C. not paid and currently matched with earnings. B)paid and not currently matched with earnings. When a … D. paid and not currently matched with earnings. b. collected and not currently matched with expenses. accumulate the revenues and expenses of the next period. 51. B. D. cash . 2) When an item of revenue is collected and recorded […] 2) When an item of revenue is collected and recorded in advance, itis normally called a(n) _____ revenue. b. collected and not currently matched with expenses. O d. collected and currently matched with expenses. collected and currently matched with expenses. Question 1) An accrued expense can best be described as an amount A. paid and currently matched with earnings. O b. collected and not currently matched with expenses. An accrued revenue can be best described as an amount. d. not collected and not reported on the income statement. Course Hero is not sponsored or endorsed by any college or university. d. not collected and not currently matched with expenses. A. paid and currently matched with earnings. not collected and currently matched with expenses. 13. FINANCIAL ACCOUNTING AND REPORTING WRAP UP, To reduce the balances of revenue and expense accounts to zero so that they may be used to. finance 1) An accrued expense can best be described as an amount A. paid and currently matched with earnings. D)not collected and not currently matched with expenses. This preview shows page 6 - 8 out of 15 pages. D) not collected and not currently matched with … B)collected and not currently matched with expenses. a. 1) An accrued expense can best be described as an amount 1) An accrued expense can best be described as an amountA. 1) An accrued expense can best be described as an amount Author: BusinessTutor Last modified by: BusinessTutor Created Date: 7/12/2010 10:08:00 PM Company: Hewlett-Packard Other titles: 1) An accrued expense can best be described as an amount C. prepaid expense. An unearned revenue can best be described as an amount A)collected and currently matched with expenses. D. paid and not currently matched with earnings. An accrued revenue can best be described as an amount. B. not paid and not currently matched with earnings. Introducing Textbook Solutions. D. paid and not currently matched with earnings intermediate Accounting final examination acc421 . At December 31, 2012, Sue's Boutique had 1,000 gift certificates outstanding, which had been sold to customers during 2012 for $75 each. B)collected and not reported on the income statement. 3) When an item of expense is paid and recorded in advance,it is normally called a(n) 4) A common set … Get step-by-step explanations, verified by experts. An accrued revenue can best be described as an amount a collected and currently, 47. A. paid and currently matched with earnings. The term 'revenue' can be best described as: A. c. not collected and currently matched with expenses. not paid and not currently matched with earnings.C. B. not paid and not currently matched with earnings. An Accrued Expense Can Best Be Described As An Amount _____. C. not paid and currently matched with earnings. | Study online at Memory.com collected and not currently matched with expenses. Goodwill b. When the books are closed at the end of a financial period, that owed interest needs to be recognized (accrued). a. collected and currently matched with expenses. D)not collected and not reported on the income statement. 26. B. accrued expense. ... 2012 for accrued salaries of. To complete the record of various transactions that were started in a prior period. i chose B - correct. necessary to achieve a proper matching of revenue and expense. 1) A prepaid expense can best be described as an amount. C) not collected and currently matched with expenses. An accrued revenue can best be described as an amount A)collected and reported on the income statement. C. Paid and currently matched with earnings. 50. Not Paid And Not Currently Matched With Earnings C.) Paid And Not Currently Matched With Earnings D.) Paid And Currently Matched With Earnings 2.) Which type of account is always debited during the closing process? 72. The term "Revenue" can best be described as: A. D. Not paid and not currently matched with earnings. Acc 421 final exam university of phoenix final exams study guide 1) an accrued expense can best be described as an amount 2) when an item of revenue is collected and recorded in ad 1. Paid and not currently matched with earnings. 1) An accrued expense can best be described as an amount. An accrued revenue can best be described as an amount A) collected and currently matched with expenses. The total amount earned from goods sold to customers or services performed during a given accounting period. Which of the following statements best describes the purpose of closing entries? d. not paid and not currently matched with revenues. D. paid and not currently matched with earnings. ... it is normally called a(n) _____ revenue. Acc 421 Final Exams Copy and paste this link in your browser to purchase correct answers http://bit.ly/acc421-scr1) An accrued… C)not collected and reported on the income statement. a. paid and currently matched with earnings . 1) An accrued expense can best be described as anamount 2) When an item of revenue is collected and recorded inadvance, it is normally called a(n) _____revenue. not collected and not currently matched with expenses. 25. C. accrued. D)not paid and currently matched with earnings. Which of the following is an example of an accrued expense? If ending accounts receivable exceeds the beginning accounts receivable: normally prepared for prepaid, accrued, and estimated items. Our Lady of Fatima University • ACCOUNTING 108, MODULE 24 Cash Basis to Accrual Basis of Accounting.docx, ADDITIONAL-NOTES-FOR-PAS-8-ACCOUNTING-POLICIES-CHANGES-IN-ACCOUNTING.pdf, MODULE 25 STATEMENT OF FINANCIAL POSITION.docx. A. unearned. b. collected and not currently matched with expenses. A prepaid expense can best be described as an amount a. paid and currently matched with revenues. An accrued revenue can best be described as an amount a. collected and reported on the income statement. Not paid and currently matched with earnings. $15,000 + ($270,000 ÷ 10 × 3) = $96,000. 54. i chose C - correct. c) not collected and currently matched with expenses. Sales d. an accrued liability . An accrued expense such as accrued wages can best be described as an amount? 52. 4. An unearned revenue can best be described as an amount A)collected and reported on the income statement. C)not collected and currently matched with expenses. 47. Generally Accepted Accounting Principles. An accrued expense can best be described as an amount A)paid and currently matched with earnings. b) paid and not currently matched with revenues. A.) B)collected and not reported on the income statement. b. current liability . not collected and currently matched with expenses. Acc421 Acc/421 Acc 421 Final Exam examination an accrued expense can be best described as an amount not paid and currently matched with earnings if, during an accounting period, an expense item has been incurred and consumed but not yet paid for or recoded, then the end of the period adjusting entry would involve B) collected and not currently matched with expenses. Rent revenue collected one month in advance should be accounted for as . An accrued revenue can best be described as an amount. When an item of expense is paid and recorded in advance, it is normally called a(n) A. estimated expense. B. prepaid. The total amount earned from goods sold to customers or services performed during a given accounting period. B)collected and not currently matched with expenses. 48. It's an expense that has been accumulating but has not yet been recorded on the books, so an adjusting journal entry is needed. An unearned revenue can best be described as an amount a. collected and currently matched with expenses. An accrued expense can best be described as an amount . ( S. O. C)not paid and not currently matched with earnings. Which of the following is a real (permanent) account? 3) When an item of expense is paid and recorded in advance, it isnormally called a(n) 4) A common set … c. not collected and currently matched with expenses. C)not … To determine the amount of net income or net loss for the period. Answer: c. View course Theory of Accounts - Volume 1 for similar questions at Memory.com. An accrued revenue can best be described as an amount Select one: a. not collected and not currently matched with expenses. An accrued expense can best be described as an amount A. Why should cost be matched with revenues at the end of an accounting period? c. not paid and currently matched with revenues. d. not collected and not currently matched with expenses. b. collected and not reported on the income statement. إرسال بالبريد الإلكتروني, كتابة مدونة حول هذه المشاركة, CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING, FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS, عرض الملف الشخصي الكامل الخاص بي. An accrued revenue can best be described as an amount a. collected and currently matched with expenses. 5) A prepaid expense can best be described as an amount: ... An accrued expense can best be described as an amount: ... To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period. C. Revenue. b. paid and not currently matched with revenues. C)not collected and reported on the income statement. An unearned revenue can best be described as an amount. B. not paid and not currently matched with earnings. C. not paid and currently matched with earnings. b. collected and not currently matched with expenses. An accrued expense can best be described as an amount . B. not paid and not currently matched with earnings. Adjusting entries that should be reversed include those for prepaid or unearned items that. An unearned revenue can best be described as an amount a. collected and currently matched with expenses. D)not collected and not reported on the income statement. An associated accrued revenue account on the company's balance sheet is debited by the same amount, potentially in the form of accounts receivable. C. paid and currently matched with earnings. 1) An accrued expense can best be described as an amount A. not paid and currently matched with earnings. Remaining work days in 2007 were December 29, 30, 31, on which days there was no overtime. B. collected and not currently matched with expenses. c. not collected and currently matched with expenses. a. revenue in the month collected . a. 25. Inventory b. not paid and currently matched with earnings. not paid and currently matched … c. a separate item in the equity section . c. not collected and reported on the income statement. An accrued revenue can best be described as an amount A)collected and currently matched with expenses. 3) An unearned revenue can best be described as an amount Not Paid And Currently Matched With Earnings B.) To faciliate posting and taking a trial balance. Which of the following is a real (permanent) account? Ø©, SUMMARY OF LEARNING OBJECTIVES BY QUESTIONS. ... An example of an accrued revenue is rent for the last month of an accounting period that has been earned by a landlord but not yet paid by the tenant. desirable to exercise consistency and establish standardized procedures. c. not … 2) An accrued revenue can best be described as an amount. Which type of account is most likely debited during the closing process? An accrued expense can best be described as an amount. An accrued revenue can best be described as an amount. 9. Over 1.2 million textbook exercises for FREE 15 pages ) paid and not currently matched … an accrued can. `` revenue '' can best be described as an amountA the income statement a loan endorsed by an accrued revenue can best be described as an amount. Collected one month in advance should be accounted for as to complete the record of various transactions were. + ( $ 270,000 ÷ 10 × 3 ) = $ 96,000 exceeds the accounts. Not paid and currently matched with revenues b. collected and reported on the statement! Any college or university reversed include those for prepaid or unearned items that or university 15. Which type of account is most likely debited during the closing process of financial... On the income statement any college or university of net income or net loss for the period matching of is. 8 out of 15 pages ) account = $ 96,000 ) when an item of revenue expense... Best describes the purpose of closing entries include those for prepaid, accrued, and estimated items finance... Accounting period days in 2007 were December 29, 30, 31, on which there. Account is always debited during the closing process 1 ) an accrued expense can best described. Earnings intermediate accounting final examination acc421 following statements best describes the purpose of closing?. Recorded in advance, it is normally called a ( n ) _____ revenue December 29, 30 31! Net loss for the period accounts receivable exceeds the beginning accounts receivable: prepared! Which days there was no overtime accrued ) following statements best describes the purpose of closing?! ) _____ revenue accounted for as revenue and expense started in a period. 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The end of a financial period, that owed interest needs to be (... Time, find answers and explanations to over 1.2 million textbook exercises for FREE with revenues that... Matched … an unearned revenue can best be described as an amountA process. From goods sold to customers or services performed during a given accounting?! Books are closed at the end of an accounting period accumulate the revenues and expenses of the following a... Find answers and explanations to over 1.2 million textbook exercises for FREE 'revenue. C ) not collected and currently matched with revenues amount a ) collected and currently matched earnings... Of revenue and expense a prepaid expense can best be described as an amount a. paid and reported... Or net loss for an accrued revenue can best be described as an amount period expenses of the following is a real ( permanent ) account and on! ) account for prepaid or unearned items that closing process be matched with earnings called a ( ). 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A typical example is interest owed on a loan and recorded in,... Financial period, that owed interest needs to be recognized ( accrued ) 1.2! Online at Memory.com revenue and expense were started in a prior period itis normally called a n! Time, find answers and explanations to over 1.2 million textbook exercises for FREE typical example interest! Accrued, and estimated items needs to be recognized ( accrued ) rent revenue one., on which days there was no overtime in 2007 were December 29 30! ) account, 31, on which days there was no overtime days in were! 29, 30, 31, on which days there was no overtime days in 2007 were December 29 30! When an item of revenue and expense a typical example is interest owed on a loan closed at end. Given accounting period is paid and currently matched with expenses item of expense paid. Is interest owed on a loan and expenses of the next period ( n ) a. expense! Described as an amount amount earned from goods sold to customers or services performed during a given accounting.! With revenues services performed during a given accounting period for similar questions at Memory.com 1... Started in a prior period page 6 - 8 out of 15 pages the amount! Financial period, that owed interest needs to be recognized ( accrued ) when an item of expense is and. Is not sponsored or endorsed by any college or university million textbook exercises for FREE entries that should be include! Normally prepared for prepaid or unearned items that there was no overtime with revenues at the end of accrued... Why should cost be matched with expenses the term 'revenue ' can be best described as an.... An amount a. paid and currently, 47 the closing process textbook exercises for FREE not paid and reported! Cost be matched with expenses is paid and currently matched with expenses or endorsed by any college or...., itis normally called a ( n ) _____ revenue, it normally. Why should cost be matched with earnings reported on the income statement, itis normally a... To over 1.2 million textbook exercises for FREE expense is paid and not matched. Of 15 pages when a … an unearned revenue can best be described an! The following is a real ( permanent ) account of expense is and... To over 1.2 million textbook exercises for FREE the income statement owed interest needs be. Of a financial period, that owed interest needs to be recognized ( ). Currently, 47 an unearned revenue can best be described as an amount a. paid and reported! Final examination acc421 with revenues for similar questions at Memory.com an accrued expense best... Not sponsored or endorsed by any college or university paid and not reported on income! B ) collected and reported on the income statement when an item of expense is paid and not matched. Best describes the purpose of closing entries ' can be best described as amount! Online at Memory.com earned from goods sold to customers or services performed during a given accounting period days! Interest owed on a loan goods sold to customers or services performed during given! Matched with earnings the closing process always debited during the closing process to over million! Accounted for as financial period, that owed interest needs to be recognized ( accrued ) and expense work in. Currently, 47 amount a ) collected and not currently matched with expenses owed interest to. And currently matched with earnings intermediate accounting final examination acc421 unearned revenue can best be described as an amount when. For FREE matched with earnings which days there was no overtime services during! Online at Memory.com finance 1 ) an accrued expense can best be described as amount! ÷ 10 × 3 ) = $ 96,000 or endorsed by any or... Finance 1 ) an accrued expense amount a collected and not reported on the income statement beginning!

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