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AIPB book 1 sect 1

AIPB certified bookkeeper, mastering adjusting entries,

1) Under accrual basis accounting you recognize revenue 1) When you have earned the revenue
2) Under accrual basis accounting, you recognize an expense when you have 2)Incurred the expense
3) Under accrual basis accounting, revenues presented on the income statement are 3) Revenues earned during the year
4) Under accrual basis accounting, expenses represented on the income statement are 4) Expenses incurred during the year
5) To accrue revenue at year end is to record 5) An amount earned for which payment has not been received
6)To defer revenue is to 6) Postpone recording a customer's payment as revenue until it is earned
7) To accrue an expens is to record 7) An expense incurred but not yet paid for
8) To recognize revenue or an expense is to 8) Record the amount in the general ledger revenue or expense account
9) What is accrued revenue 9)Revenue earned but not yet received
10) What is another name for accrued revenue 10) Uncollected revenue
11)What is accrued expenses 11)Expenses that have been incurred but not yet paid for
12)What is the entry for accrued revenue 12) Dr. A/R-Cr. Revenue
13) What is the entry for accrued expenses 13)Dr. Expense-Dr. A/P
Created by: cidhart