Match the following terms with the appropriate definition.
-Revenues earned in a period that are both unrecorded and not yet received in cash or other assets.
A)Accrued revenues
B)Expense recognition (matching) principle
C)Cash basis accounting
D)Depreciation
E)Accrual basis accounting
F)Interim financial statements
G)Straight-line depreciation
H)Time period assumption
I)Fiscal year

Question

Quizplus · Accepted Answer

Accrued revenues are amounts earned during a specific period that are both unrecorded by the end of the period and not yet received in cash or other assets. This concept is part of accrual basis accounting, where revenues are recognized when earned, regardless of when the cash is received.

Match the Following Terms with the Appropriate Definition