Matching Type Instruction: Write the letter that corresponds to the correct answer. 1. Are changes to journal entries you've already recorded. Specifically, they make sure that the numbers you have recorded match up to the correct accounting periods. 2. Is revenue that has been recognized by the business, but the customer has not yet been billed. 3. Is an expense that has been incurred but not yet paid. 4. Is used when your company receives a payment in advance of work that has not been completed. 5. Is a type of asset on the balance sheet that results from a business making advanced payments for goods or services to be received in the future. A. Adjusting entries B. Accrued revenue C. Accrued expense D. Deferred revenue E. Prepaid expense F. Adjustments
Matching Type Instruction: Write the letter that corresponds to the correct answer. 1. Are changes to journal entries you've already recorded. Specifically, they make sure that the numbers you have recorded match up to the correct accounting periods. 2. Is revenue that has been recognized by the business, but the customer has not yet been billed. 3. Is an expense that has been incurred but not yet paid. 4. Is used when your company receives a payment in advance of work that has not been completed. 5. Is a type of asset on the balance sheet that results from a business making advanced payments for goods or services to be received in the future. A. Adjusting entries B. Accrued revenue C. Accrued expense D. Deferred revenue E. Prepaid expense F. Adjustments
Chapter4: Operating Activities: Sales And Cash Receipts
Section: Chapter Questions
Problem 3.12C
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Question
Matching Type
Instruction: Write the letter that corresponds to the correct answer.
| 1. Are changes to already recorded. Specifically, they make sure that the numbers you have recorded match up to the correct accounting periods. 2. Is revenue that has been recognized by the business, but the customer has not yet been billed. 3. Is an expense that has been incurred but not yet paid. 4. Is used when your company receives a payment in advance of work that has not been completed. 5. Is a type of asset on the balance sheet that results from a business making advanced payments for goods or services to be received in the future. |
A. B. Accrued revenue C. Accrued expense D. Deferred revenue E. Prepaid expense F. Adjustments |
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