Accruals
6 practice questionsFinancial AccountingStep-by-step solutions
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1
An expense that has been incurred but not yet paid at period-end is recorded as a(n):
A.Prepaid asset
B.Accrued expense (liability)
C.Revenue
D.Dividend
2
Wages owed to employees but not yet paid at period-end are recorded as a(n):
A.Prepaid expense
B.Accrued liability (accrued expense)
C.Revenue
D.Asset
3
Under the accrual basis of accounting, revenue is recognized when:
A.Cash is received
B.It is earned, regardless of when cash is received
C.The year ends
D.Expenses are paid
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