General
What are the two types of Prepayments in accounting?
Prepaid Expense and Deferred Value
Accrued revenue is revenue that has been earned by providing a good or service, but for which no cash has been received.
Accrued Revenues
Accrued Expenses
Prepaid (Deferred) Expenses
Accrued Revenues
The process or work of keeping financial accounts
Science
Accounting
Accounting
What are the two types of Accruals?
Accrued Expense and Accrued Revenue
Money received for goods or services which had not yet been earned in accrual accounting.
Accrued Revenues
Accrued Expenses
Prepaid (Deferred) Expenses
Unearned (Deferred) Revenues
Events that occurs in a business that does not involve a second party
Internal Events
What is the 6th step in The Accounting Cycle?
Adjusting Entries
Expenses that have been paid but not yet incurred by the business.
Accrued Revenues
Accrued Expenses
Prepaid (Deferred) Expenses
Prepaid (Deferred) Expenses
The process of recording, summarizing, and analyzing the entity's financial transactions and reporting them in financial statements to its existing and potential investors, lenders and creditors.
Financial Accounting
What is your favorite food? (There is no wrong answer)
Correct!
Those incurred for which there is no invoice or other documentation.
Accrued Revenues
Accrued Expenses
Prepaid (Deferred) Expenses
Accrued Expenses
What is Accounting Adjustments?
A business transaction that has not yet been included in the accounting records of a business as of a specific date.