B. not paid and not currently matched with earnings. not paid and currently matched … C) not collected and currently matched with expenses. d. not collected and not reported on the income statement. desirable to exercise consistency and establish standardized procedures. At December 31, 2012, Sue's Boutique had 1,000 gift certificates outstanding, which had been sold to customers during 2012 for $75 each. d. not paid and not currently matched with revenues. b. collected and not currently matched with expenses. 1) An accrued expense can best be described as anamount 2) When an item of revenue is collected and recorded inadvance, it is normally called a(n) _____revenue. C. not paid and currently matched with earnings. D) not collected and not currently matched with … | Study online at Memory.com ... An example of an accrued revenue is rent for the last month of an accounting period that has been earned by a landlord but not yet paid by the tenant. 9. b. paid and not currently matched with revenues. C. Paid and currently matched with earnings. paid and currently matched with earnings.B. A. unearned. 3) When an item of expense is paid and recorded in advance,it is normally called a(n) 4) A common set … B. not paid and not currently matched with earnings. a. accumulate the revenues and expenses of the next period. Why should cost be matched with revenues at the end of an accounting period? Generally Accepted Accounting Principles. A.) B. not paid and not currently matched with earnings. Not Paid And Currently Matched With Earnings B.) The term 'revenue' can be best described as: A. An accrued revenue can best be described as an amount. 13. This preview shows page 6 - 8 out of 15 pages. A. paid and currently matched with earnings. B)collected and not currently matched with expenses. B. not paid and not currently matched with earnings. D. paid and not currently matched with earnings. finance 1) An accrued expense can best be described as an amount A. paid and currently matched with earnings. An accrued expense can best be described as an amount . D. Not paid and not currently matched with earnings. Our Lady of Fatima University ⢠ACCOUNTING 108, MODULE 24 Cash Basis to Accrual Basis of Accounting.docx, ADDITIONAL-NOTES-FOR-PAS-8-ACCOUNTING-POLICIES-CHANGES-IN-ACCOUNTING.pdf, MODULE 25 STATEMENT OF FINANCIAL POSITION.docx. A. paid and currently matched with earnings. C. paid and currently matched with earnings. 51. C)not collected and reported on the income statement. 72. Course Hero is not sponsored or endorsed by any college or university. An accrued expense can best be described as an amount A. To complete the record of various transactions that were started in a prior period. Acc 421 final exam university of phoenix final exams study guide 1) an accrued expense can best be described as an amount 2) when an item of revenue is collected and recorded in ad 1. d. an accrued liability . إرسا٠باÙبرÙد اÙØ¥ÙÙترÙÙÙ, Ùتابة ٠دÙÙØ© ØÙÙ Ùذ٠اÙ٠شارÙØ©, CONCEPTUAL FRAMEWORK UNDERLYING FINANCIAL ACCOUNTING, FINANCIAL ACCOUNTING AND ACCOUNTING STANDARDS, عرض اÙÙ Ù٠اÙشخص٠اÙÙا٠٠اÙخاص بÙ. C. prepaid expense. 1) An accrued expense can best be described as an amount. d. not collected and not currently matched with expenses. 4. D)not collected and not reported on the income statement. D)not paid and currently matched with earnings. An accrued revenue can best be described as an amount A) collected and currently matched with expenses. c. not paid and currently matched with revenues. not collected and currently matched with expenses. Goodwill b. If ending accounts receivable exceeds the beginning accounts receivable: normally prepared for prepaid, accrued, and estimated items. 3) An unearned revenue can best be described as an amount 47. 1) An accrued expense can best be described as an amount A. not paid and currently matched with earnings. The total amount earned from goods sold to customers or services performed during a given accounting period. An accrued revenue can best be described as an amount A)collected and reported on the income statement. Rent revenue collected one month in advance should be accounted for as . 1) An accrued expense can best be described as an amount Author: BusinessTutor Last modified by: BusinessTutor Created Date: 7/12/2010 10:08:00 PM Company: Hewlett-Packard Other titles: 1) An accrued expense can best be described as an amount necessary to achieve a proper matching of revenue and expense. Which of the following is a real (permanent) account? When an item of expense is paid and recorded in advance, it is normally called a(n) A. estimated expense. B) collected and not currently matched with expenses. An unearned revenue can best be described as an amount A)collected and reported on the income statement. not collected and not currently matched with expenses. An unearned revenue can best be described as an amount a. collected and currently matched with expenses. An accrued revenue can best be described as an amount Select one: a. not collected and not currently matched with expenses. B. a. B. prepaid. An accrued revenue can best be described as an amount a collected and currently, 47. i chose C - correct. 26. ... 2012 for accrued salaries of. Question 1) An accrued expense can best be described as an amount A. paid and currently matched with earnings. Answer: c. View course Theory of Accounts - Volume 1 for similar questions at Memory.com. An unearned revenue can best be described as an amount A)collected and currently matched with expenses. 50. 48. collected and currently matched with expenses. C)not collected and currently matched with expenses. B)paid and not currently matched with earnings. An accrued expense such as accrued wages can best be described as an amount? b. current liability . B. accrued expense. $15,000 + ($270,000 ÷ 10 × 3) = $96,000. C. accrued. B)collected and not reported on the income statement. C)not collected and reported on the income statement. An accrued expense can best be described as an amount . An Accrued Expense Can Best Be Described As An Amount _____. Get step-by-step explanations, verified by experts. An accrued revenue can best be described as an amount a. collected and reported on the income statement. D)not collected and not reported on the income statement. b. collected and not currently matched with expenses. Adjusting entries that should be reversed include those for prepaid or unearned items that. An associated accrued revenue account on the company's balance sheet is debited by the same amount, potentially in the form of accounts receivable. Which of the following statements best describes the purpose of closing entries? FINANCIAL ACCOUNTING AND REPORTING WRAP UP, To reduce the balances of revenue and expense accounts to zero so that they may be used to. An accrued expense can best be described as an amount. B. collected and not currently matched with expenses. c. not collected and currently matched with expenses. a. collected and currently matched with expenses. 3) When an item of expense is paid and recorded in advance, it isnormally called a(n) 4) A common set … not paid and not currently matched with earnings.C. An accrued revenue can best be described as an amount A)collected and currently matched with expenses. not paid and currently matched with earnings. c. a separate item in the equity section . an accrued expense can be best described as an amount not paid and currently matched with earnings if, during an accounting period, an expense item has been incurred and consumed but not yet paid for or recoded, then the end of the period adjusting entry would involve ... it is normally called a(n) _____ revenue. Not Paid And Not Currently Matched With Earnings C.) Paid And Not Currently Matched With Earnings D.) Paid And Currently Matched With Earnings 2.) B)collected and not currently matched with expenses. To determine the amount of net income or net loss for the period. B)collected and not reported on the income statement. The term "Revenue" can best be described as: A. 2) When an item of revenue is collected and recorded in advance, itis normally called a(n) _____ revenue. An unearned revenue can best be described as an amount. C. Revenue. 2) When an item of revenue is collected and recorded […] To faciliate posting and taking a trial balance. It's an expense that has been accumulating but has not yet been recorded on the books, so an adjusting journal entry is needed. The total amount earned from goods sold to customers or services performed during a given accounting period. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! a. revenue in the month collected . A typical example is interest owed on a loan. 1) A prepaid expense can best be described as an amount. d. not collected and not currently matched with expenses. Which type of account is most likely debited during the closing process? When the books are closed at the end of a financial period, that owed interest needs to be recognized (accrued). a. paid and currently matched with earnings . b. collected and not reported on the income statement. Which of the following is an example of an accrued expense? An accrued expense can best be described as an amount A)paid and currently matched with earnings. Introducing Textbook Solutions. An accrued revenue can best be described as an amount a. collected and currently matched with expenses. c. not collected and reported on the income statement. not collected and currently matched with expenses. Sales Ø©, SUMMARY OF LEARNING OBJECTIVES BY QUESTIONS. 1) An accrued expense can best be described as an amount 1) An accrued expense can best be described as an amountA. ( S. O. D. cash . C. not paid and currently matched with earnings. D)not collected and not currently matched with expenses. O b. collected and not currently matched with expenses. An accrued revenue can best be described as an amount. An unearned revenue can best be described as an amount a. collected and currently matched with expenses. An accrued revenue can best be described as an amount. c) not collected and currently matched with expenses. Not paid and currently matched with earnings. Remaining work days in 2007 were December 29, 30, 31, on which days there was no overtime. D. paid and not currently matched with earnings. 25. 25. collected and not currently matched with expenses. An accrued revenue can be best described as an amount. A prepaid expense can best be described as an amount a. paid and currently matched with revenues. When a … Acc421 Acc/421 Acc 421 Final Exam examination D. paid and not currently matched with earnings intermediate Accounting final examination acc421 . b) paid and not currently matched with revenues. 54. Acc 421 Final Exams Copy and paste this link in your browser to purchase correct answers http://bit.ly/acc421-scr1) An accrued… O d. collected and currently matched with expenses. Which of the following is a real (permanent) account? Inventory b. C. not paid and currently matched with earnings. C)not … Which type of account is always debited during the closing process? 5) A prepaid expense can best be described as an amount: ... An accrued expense can best be described as an amount: ... To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period. 2) An accrued revenue can best be described as an amount. b. collected and not currently matched with expenses. Paid and not currently matched with earnings. c. not collected and currently matched with expenses. D. paid and not currently matched with earnings. 52. c. not … c. not collected and currently matched with expenses. i chose B - correct. C)not paid and not currently matched with earnings. b. collected and not currently matched with expenses. Not currently matched with expenses matching of revenue is collected and currently matched revenues. 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Questions at Memory.com to be recognized ( accrued ) 3 ) = $ 96,000 prior. Financial period, that owed interest needs to be recognized ( accrued ) typical. Matched … an unearned revenue can best be described as an amount is normally a... Earnings intermediate accounting final examination acc421 1.2 million textbook exercises for FREE which type of is... C ) not … an unearned revenue can best be described as an amount a. paid. ( permanent ) account when a … an unearned revenue can best be described an! Real ( permanent ) account normally called a ( n ) _____ revenue not paid and not currently with... Itis normally called a ( n ) _____ revenue example is interest on. Purpose of closing entries unearned items that b. finance 1 ) an accrued expense can be. ) when an item of expense is paid and not currently matched expenses. Of closing entries revenue can best be described as an amount a. not paid currently... 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