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AIPB book 1 sect 1
AIPB certified bookkeeper, mastering adjusting entries,
| Question | Answer |
|---|---|
| 1) Under accrual basis accounting you recognize revenue | 1) When you have earned the revenue |
| 2) Under accrual basis accounting, you recognize an expense when you have | 2)Incurred the expense |
| 3) Under accrual basis accounting, revenues presented on the income statement are | 3) Revenues earned during the year |
| 4) Under accrual basis accounting, expenses represented on the income statement are | 4) Expenses incurred during the year |
| 5) To accrue revenue at year end is to record | 5) An amount earned for which payment has not been received |
| 6)To defer revenue is to | 6) Postpone recording a customer's payment as revenue until it is earned |
| 7) To accrue an expens is to record | 7) An expense incurred but not yet paid for |
| 8) To recognize revenue or an expense is to | 8) Record the amount in the general ledger revenue or expense account |
| 9) What is accrued revenue | 9)Revenue earned but not yet received |
| 10) What is another name for accrued revenue | 10) Uncollected revenue |
| 11)What is accrued expenses | 11)Expenses that have been incurred but not yet paid for |
| 12)What is the entry for accrued revenue | 12) Dr. A/R-Cr. Revenue |
| 13) What is the entry for accrued expenses | 13)Dr. Expense-Dr. A/P |
Created by:
cidhart
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