Question 1

Select the one term that best fits each definition
-An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period.

Accepted Answer

A)   accrual
B)   accrued interest expense
C)   accrued expenses
D)   deferral
E)   deferred expensesF)  deferred revenueG)  reversing entry

Question 2

Select the one term that best fits each definition
-An entry recording the receipt of cash before the related revenue is earned, or payment of cash before the related expense is incurred.

Accepted Answer

A)   accrual
B)   accrued interest expense
C)   accrued expenses
D)   deferral
E)   deferred expensesF)  deferred revenueG)  reversing entry

Question 3

Select the one term that best fits each definition
-Payments for goods or services which have not yet been received.

Accepted Answer

A)   accrual
B)   accrued interest expense
C)   accrued expenses
D)   deferral
E)   deferred expensesF)  deferred revenueG)  reversing entry

Exam 21: Accruals, Deferrals, and Reversing Entries

Select the one term that best fits each definition -An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period.

Correct Answer
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Select the one term that best fits each definition -An entry recording the receipt of cash before the related revenue is earned, or payment of cash before the related expense is incurred.

Correct Answer
verified

Select the one term that best fits each definition -Payments for goods or services which have not yet been received.

Correct Answer
verified

Exam 21: Accruals, Deferrals, and Reversing Entries

Select the one term that best fits each definition -An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -An entry recording the receipt of cash before the related revenue is earned, or payment of cash before the related expense is incurred.

Correct AnswerverifiedShow Answer

Select the one term that best fits each definition -Payments for goods or services which have not yet been received.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified