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Chapter 3 - FAH

Authored by Marybeth Drabik

Business

12th Grade

Used 48+ times

Chapter 3 - FAH
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is accrued revenue?

Revenue that has been earned but not yet received

Revenue that has been received but not yet earned

Expenses that have been incurred but not yet paid

Expenses paid in advance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes deferred revenue?

Revenue that has been earned and received

Revenue that has been received but not yet earned

Expenses that have been paid in advance

Expenses that have been incurred but not yet paid

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are prepaid expenses reported on the balance sheet?

As a liability

As an expense

As an asset

As revenue

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of an accrued expense?

Rent paid in advance

Salaries payable

Unearned revenue

Inventory

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does accrued revenue impact the income statement?

Increases liabilities

Increases assets

Increases revenue

Decreases expenses

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is another term for deferred revenue?

Unearned revenue

Accrued revenue

Prepaid expense

Accrued expense

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a prepaid expense?

Salaries payable

Rent paid in advance

Interest payable

Unearned revenue

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