Accrued revenues: Multiple Choice At the end of one accounting period result in cash receipts in...
Accrued revenues:
Multiple Choice
-
At the end of one accounting period result in cash receipts in a future period.
-
At the end of one accounting period often result in cash payments in the next period.
-
Are also called unearned revenues.
-
Are recorded at the end of an accounting period because cash has already been received for revenues earned.
-
Are listed on the balance sheet as liabilities.
Homework Answers
Accrued revenues are the revenues for which goods are sold / services are provided in the current period but cash receipts are not received in the same period. In other words, cash receipts of these revenues are expected to be received in the future period.
Therefore Accrued revenues at the end of one accounting period result in cash receipts in a future period.
Option A is the correct answer.
Add Answer to:
Accrued revenues:
Multiple Choice
At the end of one accounting period result in cash
receipts in...
Deferred revenues: a. At the end of one accounting period often result in cash receipts from...
Deferred revenues: a. At the end of one accounting period often result in cash receipts from customers in the next period. b. At the end of one accounting period often result in cash payments in the next period. c. Are also called accrued revenues d. Are recorded at the end of an accounting period for revenues earned because cash has already been received
Deferred expenses at the end of one accounting period are expected to result in cash payments...
Deferred expenses at the end of one accounting period are expected to result in cash payments in a future period. True False
What are accrued revenues? Select one: a. recorded revenues that haven't been earned and for which...
What are accrued revenues? Select one: a. recorded revenues that haven't been earned and for which cash has yet to be received. b. advanced payment of revenues earned c. unrecorded revenues that haven't been recognized and for which cash has yet to be received. d. advanced receipt of future services provided
True or False 1. Adjusting entries result in a better matching of revenues and expenses. 2....
True or False 1. Adjusting entries result in a better matching of revenues and expenses. 2. Accrued expenses are expenses not yet paid during the period but are owed and not yet recorded. 3. Accrued Revenue is revenue that has not yet been earned and not yet received nor recorded at the end of the period. 4. Liabilities are the owner's rights and claims to the property (assets) of a business. 5. The balance sheet is a financial statement that...
Unearned revenues are generally Multiple Choice 0 Liabilities created when a customer pays in advance for...
Unearned revenues are generally Multiple Choice 0 Liabilities created when a customer pays in advance for products or services before the revenue is earned. 0 Revenues that have been earned and received in cash. 0 Revenues that have been earned but not yet collected in cash 0 Increases to owners' capital
Identify the procedure below that is NOT essential for proper control over cash receipts. Multiple Choice...
Identify the procedure below that is NOT essential for proper control over cash receipts. Multiple Choice 0 Hold all cash received during a month and make one bank deposit at the end of the month 0 Keep cash receipts in a cash register or locked cash drawer or safe. 0 Have only designated employees receive and handle cash received by the business 0 Enter cash receipts transactions in the accounting records promptly.
5. d. $5,120 Toole Company had the following transactions during 2020: Sales of $4,200 on account...
5. d. $5,120 Toole Company had the following transactions during 2020: Sales of $4,200 on account Collected $2,600 for services to be performed in 2021 Paid $1,630 cash in salaries Purchased airline tickets for $450 in December for a trip to take place in 2021 What is Toole's 2020 net income using cash basis accounting? a $520. b. $970 c. $4,720. d. $5,170 Adjusting entries are required a because some costs expire with the passage of time and have not...
Multiple Choice Question 66 A company uses a sales journal, cash receipts journal, purchases journal, cash...
Multiple Choice Question 66 A company uses a sales journal, cash receipts journal, purchases journal, cash payments journal, and a general journal. A cash sales return would be recorded in the general journal. O sales journal. O cash receipts journal. O cash payments journal. -
MULTIPLE CHOICE [20 MARKS] Answer ALL questions. QUESTION ONE REQUIRED For each of the questions below write down o...
MULTIPLE CHOICE [20 MARKS] Answer ALL questions. QUESTION ONE REQUIRED For each of the questions below write down only the letter of the most appropriate ane eg. 1.11 C. Note: Calculations must not be shown in your answer book. are items that may be included as part of Trade and other receivables in the А balance sheet Trade debtors; Accrued expenses; Income received in advance Trade creditors; Accrued expenses; Income received in advance Trade debtors; Income received in advance; Prepaid...
please answer boxes Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees...
please answer boxes
Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees account, before adjustment at the end of the year, is $110,730. Of these fees, $68,655 have been earned. In addition, $13,290 of fees have been earned but have not been billed. a. Journalize the adjusting entry to adjust the unearned fees account. If an amount box does not require an entry, leave it blank. Unearned Fees Fees Earned ✓ Feedback Check My Work Consider...
Deferred revenues: a. At the end of one accounting period often result in cash receipts from customers in the next period. b. At the end of one accounting period often result in cash payments in the next period. c. Are also called accrued revenues d. Are recorded at the end of an accounting period for revenues earned because cash has already been received
Deferred expenses at the end of one accounting period are expected to result in cash payments in a future period. True False
Unearned revenues are generally Multiple Choice 0 Liabilities created when a customer pays in advance for products or services before the revenue is earned. 0 Revenues that have been earned and received in cash. 0 Revenues that have been earned but not yet collected in cash 0 Increases to owners' capital
Identify the procedure below that is NOT essential for proper control over cash receipts. Multiple Choice 0 Hold all cash received during a month and make one bank deposit at the end of the month 0 Keep cash receipts in a cash register or locked cash drawer or safe. 0 Have only designated employees receive and handle cash received by the business 0 Enter cash receipts transactions in the accounting records promptly.
5. d. $5,120 Toole Company had the following transactions during 2020: Sales of $4,200 on account Collected $2,600 for services to be performed in 2021 Paid $1,630 cash in salaries Purchased airline tickets for $450 in December for a trip to take place in 2021 What is Toole's 2020 net income using cash basis accounting? a $520. b. $970 c. $4,720. d. $5,170 Adjusting entries are required a because some costs expire with the passage of time and have not...
Multiple Choice Question 66 A company uses a sales journal, cash receipts journal, purchases journal, cash payments journal, and a general journal. A cash sales return would be recorded in the general journal. O sales journal. O cash receipts journal. O cash payments journal. -
MULTIPLE CHOICE [20 MARKS] Answer ALL questions. QUESTION ONE REQUIRED For each of the questions below write down only the letter of the most appropriate ane eg. 1.11 C. Note: Calculations must not be shown in your answer book. are items that may be included as part of Trade and other receivables in the А balance sheet Trade debtors; Accrued expenses; Income received in advance Trade creditors; Accrued expenses; Income received in advance Trade debtors; Income received in advance; Prepaid...
please answer boxes
Adjusting Entries for Unearned and Accrued Fees The balance in the unearned fees account, before adjustment at the end of the year, is $110,730. Of these fees, $68,655 have been earned. In addition, $13,290 of fees have been earned but have not been billed. a. Journalize the adjusting entry to adjust the unearned fees account. If an amount box does not require an entry, leave it blank. Unearned Fees Fees Earned ✓ Feedback Check My Work Consider...
Most questions answered within 3 hours.
-
You are to assess the biomechanics of a male’s arm using his
bicep to hold a...
asked 1 hour ago -
What is the maximum number of grams of N-acetyl-p-toluidine can
be prepared from 70. milliliters of...
asked 2 hours ago -
A researcher is using a two-tailed hypothesis test with α =
.05 to evaluate the effect...
asked 4 hours ago -
Two long, straight wires are parallel and 8.5 cm apart. The top
wire carries a current...
asked 5 hours ago -
Three arguments used to promote trade barriers are the national
security argument, the infant-industry argument, and...
asked 6 hours ago -
Question 3:
Percentage of Completion
Method (12 marks) On January 1, 2017, Eagle Construction Ltd.
started...
asked 6 hours ago -
A company purchased a tract of land for its natural resources at
a cost of $2,042,900....
asked 6 hours ago -
1. These financial statement item are
for UPS Company at fiscal year-end, October 31, 2019.
...
asked 6 hours ago -
PYTHON HOMEWORK
When an object is falling because of gravity, the following
formula can be used...
asked 6 hours ago -
Which of the following groups is comprised solely of
chemoheterotrophs?
Click all that apply.
animals
fungi...
asked 6 hours ago -
What is the feminist theory in 100 words or more?
book: Juvenile Justice In America, Clemens...
asked 6 hours ago -
1) What is the probability of a randomly selected value from a
normally distributed population falling...
asked 6 hours ago