The term deferral refers to an event where the:
A) recognition of an expense or revenue is recorded after the cash is paid or received.
B) liability for an expense is recorded before the expense is actually incurred.
C) liability for an expense is recorded after the expense is actually incurred.
D) recognition of an expense or revenue is recorded before the cash is paid or received.
Correct Answer:
Verified
Q41: If deferred revenue has been earned by
Q49: In accrual adjustments, the revenue or expense
Q50: Prepaid expenses will:
A)become expenses when their future
Q53: An expense that is paid in advance
Q54: Which term refers to the allocation of
Q55: The three basic categories of adjusting entries
Q56: In a deferral adjustment, the expense or
Q67: Adjusting entries are:
A) not needed under the
Q73: The accumulated depreciation account decreases over the
Q79: The following accounts are up-to-date and need
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents