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Accounts Adjustments Quiz

Select the Definition that corresponds to the displayed Term.
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1. Unearned Revenues




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2. Accrued Revenues




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3. Accrued Expense




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4. Accrued Revenues




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5. Adjusting entries are made to ensure that:




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6. Unearned Revenues




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7. Accrual




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8. Time Period




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9. Accrued Revenues




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10. Revenues earned but not yet received in cash or recorded. Prepaid Expense




Select the Term that corresponds to the displayed Definition.
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11. Expenses incurred but not yet paid in cash or recorded.




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12. Before the adjustment, this transaction has: Overstated LIABILITIES & Understated REVENUES




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13. Assets paid in cash and recovered before a company use them.




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14. Depreciation expense, accumulated depreciation




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15. interest expense, interest payable




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16. To adjust this entry we must: Debit: EXPENSES (increase) Credit: ASSETS (decrease)




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17. salaries and wages expense, salaries and wages payable




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18. unearned service revenue, service revenue




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19. Principle or assumption dictating that efforts (expenses) be matched with accomplishments (revenues).




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20. accounts receivable, service revenue





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