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Match the Statements Below with the Appropriate Terms

Question 305

Matching

Match the statements below with the appropriate terms

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

Correct Answer:

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