When an item of revenue or expense has been earned or incurred but not yet collected or paid, it is normally called a(n) ____________ revenue or expense.
A) prepaid
B) adjusted
C) estimated
D) None of these answers are correct.

Question

Quizplus · Accepted Answer

The correct term for revenue or expense that has been earned or incurred but not yet collected or paid is "accrued" revenue or expense, which is not listed among the provided options.

When an Item of Revenue or Expense Has Been Earned