Salaries owed but not yet paid is an example of which of the following?deferred expense or prepaid expenseO deferred revenue or unearned revenueaccrued expenseaccrued revenue

Accrued expenses are those expenses which are incurred for the particular period of time, but has…

Answered: Salaries owed but not yet paid is an…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 12MC: Salaries owed but not yet paid is an example of which of the following? A. accrued expense B....

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Similar questions

Revenue earned but not yet collected is an example of which of the following? A. accrued expense B. accrued revenue C. deferred expense (prepaid expense) D. deferred revenue (unearned revenue)
Rent paid in advance is an example of which of the following? A. accrued expense B. accrued revenue C. deferred expense (prepaid expense) D. deferred revenue (unearned revenue)
Rent collected in advance is an example of which of the following? A. accrued expense B. accrued revenue C. deferred expense (prepaid expense) D. deferred revenue (unearned revenue)
Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. expense now, pay now B. expense later, pay now C. expense now, pay later
Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
Which of the following is the principle that a company must recognize revenue in the period in which it is earned; it is not considered earned until a product or service has been provided? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
Describe the effect on the financial statements when an adjustment is prepared that records (a) unrecorded revenue and (b) unrecorded expense.
An accrued expense is an expense: a. incurred but not paid b. incurred and paid c. paid but not incurred d. not reasonably estimable
Identify which type of adjustment is associated with this account, and what the other account is in the adjustment. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. Salaries Payable B. Interest Receivable C. Unearned Fee Revenue D. Prepaid Rent
Which of the following is not a criterion to recognize revenue under GAAP? A. The earnings process must be completed. B. A product or service must be provided. C. Cash must be collected. D. GAAP requires that the accrual basis accounting principle be used in the revenue recognition process.
Which of the following accounts balance would be a different number on the Balance Sheet than it is on the adjusted trial balance? A. accumulated depreciation B. unearned service revenue C. retained earnings D. dividends
Which of the following accounts would not be reported under revenue on a simple income statement? A. interest revenue B. net sales C. rent revenue D. operating expenses

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Salaries owed but not yet paid is an example of which of the following? deferred expense or prepaid expense deferred revenue or unearned revenue accrued expense accrued revenue