When, at the end of an accounting period, a revenue has been recognized in the fi nancial statements but no billing has occurred and no cash has been received, the accrual is to: A . unbilled (accrued) revenue, an asset.
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When, at the end of an accounting period, a revenue has been recognized in the fi nancial statements but no billing has occurred and no cash has been received, the accrual is to: A . unbilled (accrued) revenue, an asset.
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- 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 laterSalaries owed but not yet paid is an example of which of the following? A. accrued expense B. accrued revenue C. deferred expense (prepaid expense) D. deferred revenue (unearned revenue)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
- What is the impact on the accounting equation when a payment of account payable is made? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changesWhen, at the end of an accounting period, a revenue has been recognized in the fi nancial statements but no billing has occurred and no cash has been received, the accrual is to: B . deferred revenue, an asset.When, at the end of an accounting period, a revenue has been recognized in the fi nancial statements but no billing has occurred and no cash has been received, the accrual is to: C . unbilled (accrued) revenue, a liability.
- When, at the end of an accounting period, cash has not been paid with respect to an expense that has been incurred, the business should then record: B . a prepaid expense, an assetWhen, at the end of an accounting period, cash has not been paid with respect to an expense that has been incurred, the business should then record: A . an accrued expense, an assetA company fails to recognize an expense incurred but not paid. In dicate which of the following accounts is debited and which is credited in the adjusting entry: (a) asset, (b) liability, (c) revenue, or (d) expense.
- Under accrual accounting, revenue is recorded and reported only Group of answer choices A. when cash is received without regard to when the services are rendered. B. when cash is received at the time services are rendered. C. if cash is received after the services are rendered. D. when the services are rendered without regard to when cash is received.When, at the end of an accounting period, cash has not been paid with respect to an expense that has been incurred, the business should then record: C . an accrued expense, a liability.Using accrual accounting, revenue is recorded and reported only a.when the services are rendered without regard to when cash is received b.when cash is received at the time services are rendered c.when cash is received without regard to when the services are rendered d.if cash is received after the services are rendered