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Match the Statements Below with the Appropriate Terms by Entering

Question 259

Matching

Match the statements below with the appropriate terms by entering the appropriate letter code in the spaces provided.

Premises:
A revenue recognized; not yet collected or recorded.
A revenue not yet recognized; collected in advance.
Interest expense incurred; not yet paid.
Rent not yet collected; already recognized.
An expense incurred; not yet paid or recorded.
An expense not yet incurred; paid in advance.
Office supplies on hand that will be used in the next period.
Interest revenue collected; not yet recognized.
Responses:
Accrued Expenses
Accrued Revenues
Unearned Revenues
Prepaid Expenses

Correct Answer:

A revenue recognized; not yet collected or recorded.
A revenue not yet recognized; collected in advance.
Interest expense incurred; not yet paid.
Rent not yet collected; already recognized.
An expense incurred; not yet paid or recorded.
An expense not yet incurred; paid in advance.
Office supplies on hand that will be used in the next period.
Interest revenue collected; not yet recognized.
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