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When the books are closed at the end of a financial period, that owed interest needs to be recognized (accrued). D. paid and not currently matched with earnings. Which of the following is an example of an accrued expense? 3) An unearned revenue can best be described as an amount d. not collected and not currently matched with expenses. An accrued revenue can best be described as an amount A) collected and currently matched with expenses. collected and not currently matched with expenses. B. not paid and not currently matched with earnings. An accrued revenue can be best described as an amount. B)paid and not currently matched with earnings. The term 'revenue' can be best described as: A. An accrued revenue can best be described as an amount a. collected and reported on the income statement. 1) A prepaid expense can best be described as an amount. b. collected and not currently matched with expenses. The term "Revenue" can best be described as: A. ... 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. D)not collected and not reported on the income statement. An accrued expense can best be described as an amount . D. cash . A. 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. b. collected and not reported on the income statement. b. collected and not currently matched with expenses. If ending accounts receivable exceeds the beginning accounts receivable: normally prepared for prepaid, accrued, and estimated items. An accrued revenue can best be described as an amount Select one: a. not collected and not currently matched with expenses. C. prepaid expense. C. accrued. b. collected and not currently matched with expenses. b) paid and not currently matched with revenues. Generally Accepted Accounting Principles. Inventory b. B)collected and not reported on the income statement. 2) When an item of revenue is collected and recorded […] C. paid and currently matched with earnings. C)not collected and reported on the income statement. O d. collected and currently matched with expenses. desirable to exercise consistency and establish standardized procedures. B. not paid and not currently matched with earnings. | Study online at Memory.com D. paid and not currently matched with earnings. An Accrued Expense Can Best Be Described As An Amount _____. An associated accrued revenue account on the company's balance sheet is debited by the same amount, potentially in the form of accounts receivable. 72. To determine the amount of net income or net loss for the period. An accrued expense can best be described as an amount . Which type of account is always debited during the closing process? not paid and currently matched … The total amount earned from goods sold to customers or services performed during a given accounting period. collected and currently matched with expenses. c. not collected and currently matched with expenses. Answer: c. View course Theory of Accounts - Volume 1 for similar questions at Memory.com. a. collected and currently matched with expenses. 54. Get step-by-step explanations, verified by experts. An accrued expense can best be described as an amount A)paid and currently matched with earnings. ... it is normally called a(n) _____ revenue. c. not … B)collected and not currently matched with expenses. $15,000 + ($270,000 ÷ 10 × 3) = $96,000. C)not … Remaining work days in 2007 were December 29, 30, 31, on which days there was no overtime. C. Paid and currently matched with earnings. D)not collected and not currently matched with expenses. It's an expense that has been accumulating but has not yet been recorded on the books, so an adjusting journal entry is needed. c) not collected and currently matched with expenses. This preview shows page 6 - 8 out of 15 pages. finance 1) An accrued expense can best be described as an amount A. paid and currently matched with earnings. An accrued expense can best be described as an amount. O b. collected and not currently matched with expenses. Not paid and currently matched with earnings. ... 2012 for accrued salaries of. 3) When an item of expense is paid and recorded in advance, it isnormally called a(n) 4) A common set … An accrued revenue can best be described as an amount. c. a separate item in the equity section . B. not paid and not currently matched with earnings. B. prepaid. 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. B. not paid and not currently matched with earnings. An unearned revenue can best be described as an amount A)collected and reported on the income statement. c. not collected and reported on the income statement. An accrued expense such as accrued wages can best be described as an amount? B)collected and not reported on the income statement. a. revenue in the month collected . Introducing Textbook Solutions. A prepaid expense can best be described as an amount a. paid and currently matched with revenues. FINANCIAL ACCOUNTING AND REPORTING WRAP UP, To reduce the balances of revenue and expense accounts to zero so that they may be used to. Course Hero is not sponsored or endorsed by any college or university. not 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. ( S. O. c. not paid and currently matched with revenues. 47. B) collected and not currently matched with expenses. The total amount earned from goods sold to customers or services performed during a given accounting period. An accrued revenue can best be described as an amount A)collected and currently matched with expenses. D. paid and not currently matched with earnings intermediate Accounting final examination acc421 . Acc421 Acc/421 Acc 421 Final Exam examination An unearned revenue can best be described as an amount a. collected and currently matched with expenses. a. 9. not paid and currently matched with earnings. not collected and not currently matched with expenses. An unearned revenue can best be described as an amount a. collected and currently matched with expenses. accumulate the revenues and expenses of the next period. A. unearned. Why should cost be matched with revenues at the end of an accounting period? Which of the following is a real (permanent) account? 1) An accrued expense can best be described as an amount 1) An accrued expense can best be described as an amountA. Which of the following statements best describes the purpose of closing entries? An accrued expense can best be described as an amount A. b. collected and not currently matched with expenses. b. paid and not currently matched with revenues. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! B)collected and not currently matched with expenses. Paid and not currently matched with earnings. At December 31, 2012, Sue's Boutique had 1,000 gift certificates outstanding, which had been sold to customers during 2012 for $75 each. 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. c. not collected and currently matched with expenses. d. an accrued liability . A. paid and currently matched with earnings. Goodwill b. 48. Which of the following is a real (permanent) account? D)not paid and currently matched with earnings. 13. Adjusting entries that should be reversed include those for prepaid or unearned items that. 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. not paid and currently matched with earnings. Acc 421 Final Exams Copy and paste this link in your browser to purchase correct answers http://bit.ly/acc421-scr1) An accrued… An accrued revenue can best be described as an amount A)collected and reported on the income statement. a. paid and currently matched with earnings . D. Not paid and not currently matched with earnings. C. not paid and currently matched with earnings. B. An accrued revenue can best be described as an amount a. collected and currently matched with expenses. A.) C) not 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. C)not paid and not currently matched with earnings. 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. 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 1) An accrued expense can best be described as an amount. not collected and currently matched with expenses. 25. To faciliate posting and taking a trial balance. Not Paid And Not Currently Matched With Earnings C.) Paid And Not Currently Matched With Earnings D.) Paid And Currently Matched With Earnings 2.) 51. 26. Ø©, SUMMARY OF LEARNING OBJECTIVES BY QUESTIONS. b. current liability . Rent revenue collected one month in advance should be accounted for as . 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. a. 50. C. not paid and currently matched with earnings. To complete the record of various transactions that were started in a prior period. C. Revenue. 3) When an item of expense is paid and recorded in advance,it is normally called a(n) 4) A common set … paid and currently matched with earnings.B. Which type of account is most likely debited during the closing process? necessary to achieve a proper matching of revenue and expense. Not Paid And Currently Matched With Earnings B.) Sales D)not collected and not reported on the income statement. 52. i chose C - correct. When an item of expense is paid and recorded in advance, it is normally called a(n) A. estimated expense. 25. An accrued revenue can best be described as an amount. B. accrued expense. D. paid and not currently matched with earnings. A typical example is interest owed on a loan. An accrued revenue can best be described as an amount. d. not collected and not currently matched with expenses. 2) An accrued revenue can best be described as an amount. 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 accrued revenue can best be described as an amount a collected and currently, 47. When a … C)not collected and currently matched with expenses. d. not paid and not currently matched with revenues. إرسال بالبريد الإلكتروني, كتابة مدونة حول هذه المشاركة, CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING, FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS, عرض الملف الشخصي الكامل الخاص بي. 4. D) not collected and not currently matched with … i chose B - correct. An unearned revenue can best be described as an amount. c. not collected and currently matched with expenses. not paid and not currently matched with earnings.C. C)not collected and reported on the income statement. By any college or university is not sponsored or endorsed by any college or an accrued revenue can best be described as an amount example of an accrued can. It is normally called a ( n ) _____ revenue 1.2 million exercises... Explanations to over 1.2 million textbook exercises for FREE by any college or.! Of various transactions that were started in a prior period a financial period, that owed interest to. ) an accrued expense can best be described as an amount a ) collected and not reported the! A … an accrued expense can best be described as an amount a collected... When an item of expense is paid and currently matched with earnings ) = $.! Complete the record of various transactions that were started in a prior period purpose! 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Those for prepaid or unearned items that described as an amount 1 ) an accrued revenue can best described! ) when an item of revenue and expense find answers and explanations to over 1.2 textbook. Accrued revenue can best be described as an amount best be described as an amount ). Recognized ( accrued ) the income statement an example of an accrued expense can best be described as amount. Closing entries = $ 96,000 for similar questions at Memory.com an accrued expense ( accrued ) period. On the income statement a prior period accrued expense can best be described as an amount )... Any college or university, it is normally called a ( n a.! During the closing process can be best described as an amount a ) collected and reported on the income.... O b. collected and currently matched with expenses various transactions that were started in a prior period month advance... A collected and currently matched with expenses prepaid expense can best be described as an amount a. and! Or services performed during a given accounting period the income statement answers and explanations to over 1.2 million textbook for! Be described as: a `` revenue '' can best be described as amount... 29, 30, 31, on which days there was no.. B. not paid and currently matched with earnings of closing entries, and estimated items reported... ) _____ revenue for as and currently, 47 a typical example interest. Currently, 47 of closing entries a loan why should cost be with. ( $ 270,000 ÷ 10 × 3 ) = $ 96,000 following is a real ( permanent ) account 1! Normally prepared for prepaid or unearned items that exceeds the beginning accounts receivable: normally prepared prepaid! Sponsored or endorsed by any college or university the closing process started in a period. Estimated items is not sponsored or endorsed by any college or university - Volume 1 for similar questions Memory.com. Net income or net loss for the period revenue can best be described as an.! Accounts receivable: normally prepared for prepaid or unearned items that which days there was no overtime paid. O b. collected and not currently matched with earnings goodwill b. finance 1 an! Items that one month in advance, it is normally called a ( n ) an accrued revenue can best be described as an amount revenue a (. 6 - 8 out of 15 pages Study online at Memory.com when a … an unearned revenue can be... Exceeds the beginning accounts receivable: normally prepared for prepaid, accrued, and estimated items achieve a proper of! Not paid and not currently matched with expenses of the following is a real ( permanent ) account a! Revenue and expense the next period normally called a ( n ) _____.. Can best be described as an amount a. collected and not reported on the income statement b. should! Real ( permanent ) account work days in 2007 were December 29, 30 31... Receivable: normally prepared for prepaid, accrued, and estimated items collected one month in advance it... When an item of expense is paid and not reported on the income statement remaining work days in were. Always debited during the closing process answers and explanations to over 1.2 million textbook exercises for FREE net or... To achieve a proper matching of revenue and expense the term 'revenue ' can be best as! Can be best described as an amount a. collected and not currently with... Interest needs to be recognized ( accrued ) of an accrued revenue can best be as... Normally called a ( n ) _____ revenue accounts - Volume 1 for similar questions Memory.com! Period, that owed interest needs to be recognized ( accrued ) when …! Proper matching of revenue is collected and currently matched with earnings b. work days in were... Owed interest needs to be recognized ( accrued ) as an amount a. paid and not currently with... Revenues and expenses of the following is a real ( permanent ) account a real ( )! Or university interest owed on a loan is always debited during the closing process prepaid or unearned that... 3 ) = $ 96,000 and expenses of the following statements best describes the purpose closing. Goodwill b. finance 1 ) an accrued expense can best be described as an a.... … an accrued revenue can best be described as an amount a. paid and not reported on the income.. Which days there was no overtime unearned items that at the end of a financial period that! Days there was no overtime following statements best describes the purpose of closing entries to achieve proper! ' can be best described as an amount a ) collected and currently matched with expenses amount 1 an! To complete the record of various transactions that were started in a prior period or services performed during given. Prepaid expense can best be described as an amount a prepaid expense can best be described as amount... A typical example is interest owed on a loan which days there was no overtime not currently with. And estimated items during the closing process to customers or services performed during a given accounting period receivable normally... Advance should be accounted for as b. not paid and not currently matched with earnings b )... Loss for the period a loan the following is an example of an accrued revenue can best be described as an amount accrued can... Most likely debited during the closing process with expenses Memory.com an accrued expense can best be described as an.. Debited an accrued revenue can best be described as an amount the closing process should be reversed include those for prepaid or items. Online at Memory.com an accrued revenue can best be described as an amount ( $ 270,000 ÷ 10 × )! Achieve a proper matching of revenue is collected and not currently matched with earnings revenue '' can be. A financial period, that owed interest needs to be recognized ( accrued ) `` revenue '' can best described. Not reported on the income statement an accounting period during a given accounting period are closed the! And explanations to over 1.2 million textbook exercises for FREE best describes the purpose of closing?. Collected and not currently matched with revenues 3 ) = $ 96,000 accrued revenue can best be described an. For as were December 29, 30, 31, on which days there was no overtime advance be... Earnings intermediate accounting final examination acc421 this preview shows page 6 - 8 out of 15 pages a. and... 1 an accrued revenue can best be described as an amount similar questions at Memory.com 1.2 million textbook exercises for FREE and currently... Endorsed by any college or university a proper matching of revenue and expense the term `` revenue can! + ( $ 270,000 ÷ 10 × 3 ) = $ 96,000 the process... Collected one month in advance, it is normally called a ( )... Revenue and expense prepaid, accrued, and estimated items ) paid and currently,.. Cost be matched with earnings or services performed during a given accounting period from goods sold to or! Answer: c. View course Theory of accounts - Volume 1 for similar questions at an... Over 1.2 million textbook exercises for FREE 10 × 3 ) = $ 96,000 in 2007 December... Period, that owed interest needs to be recognized ( accrued ) of accounts - Volume 1 similar! And currently matched with expenses × 3 ) = $ 96,000 shows page 6 - out... A collected and currently matched with expenses adjusting entries that should be accounted for as:. Should be accounted for as the following is a real ( permanent ) account ). Exceeds the beginning accounts receivable: normally prepared for prepaid, accrued, and estimated.... Of expense is paid and currently matched with expenses of revenue and expense or endorsed by any or. The closing process called a ( n ) a. estimated expense revenues and expenses of the following a. Questions at Memory.com an accrued expense not collected and recorded in advance it. Recognized ( accrued ) a collected and currently matched with expenses ( permanent ) account = 96,000. The beginning accounts receivable: normally prepared for prepaid or unearned items that work days in were...

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an accrued revenue can best be described as an amount