Assets overstated Expenses understated

Liabilities overstated Revenues understated

Assets understated Revenues understated

Expenses understated Liabilities understated

Prepaid expenses (deferral)

Expenses paid in cash before they are used or consumed

Unearned revenues (deferral)

Cash received before services are performed

Accrued revenues (accrual)

Revenues for services performed but not yet received in cash or recorded

Accrued expenses (accrual)

Expenses incurred but not yet paid in cash or recorded.

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Basic relationships

Financial accounting final

Question	Answer
Prepaid expenses	Assets overstated Expenses understated
Unearned revenues	Liabilities overstated Revenues understated
Accrued revenues	Assets understated Revenues understated
Accrued expenses	Expenses understated Liabilities understated
Prepaid expenses (deferral)	Expenses paid in cash before they are used or consumed
Unearned revenues (deferral)	Cash received before services are performed
Accrued revenues (accrual)	Revenues for services performed but not yet received in cash or recorded
Accrued expenses (accrual)	Expenses incurred but not yet paid in cash or recorded.

Created by: BiancawantstoPass

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