Solved

Match the Following Terms with the Appropriate Definitions Below

Question 259

Matching

Match the following terms with the appropriate definitions below.Some terms are used more than once.

Premises:
An end of period adjustment to recognize earnings related to work done but not yet billed
An end of period adjustment to recognize interest costs incurred but unpaid
An end of period adjustment to recognize office supplies used during a period
An end of period adjustment to recognize the amount of unearned revenue earned as of the end of the period
An end of period adjustment to recognize prepaid insurance used up during a period
An end of period adjustment to recognize depreciation on certain long-term assets
An end of period adjustment to recognize prepaid rent used up during a period
An end of period adjustment to recognize employee salaries earned but unpaid
Responses:
Deferred expense
Deferred revenue
Accrued expense
Accrued revenue

Correct Answer:

An end of period adjustment to recognize earnings related to work done but not yet billed
An end of period adjustment to recognize interest costs incurred but unpaid
An end of period adjustment to recognize office supplies used during a period
An end of period adjustment to recognize the amount of unearned revenue earned as of the end of the period
An end of period adjustment to recognize prepaid insurance used up during a period
An end of period adjustment to recognize depreciation on certain long-term assets
An end of period adjustment to recognize prepaid rent used up during a period
An end of period adjustment to recognize employee salaries earned but unpaid
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