An accrued expense can best be described as an amount Paid and currently matched with earnings Paid and not currently matched with earnings Not paid and not currently matched with earnings O Not paid and currently matched with earnings with explanation please

Q: ollowing situations does not base an accounting measure on a present value? Prepaid insurance ,…

A: It analyzes comprehension of how accounting measures and financial reporting may or may not require…

Q: Which of the following would not overstate current-period net income?a. Capitalizing an expenditure…

A: Net income: Net income refers to the income earned by the company after providing for all the…

Q: state the differences between unearned revenue and accounts payable? both accounts are liabilities…

A: Definition: Normal balance refers to the excess of the amount on one side, over the amount on the…

Q: Explain any possible differences between accounting for an account receivable factored with recourse…

A: Definition:   Accounts receivable: Accounts receivable refer to sum of money that is received within…

Q: What is an accrued expense? Provide an example.

A: Accrued expense: This is the expense incurred but not yet paid. It is treated as liability until the…

Q: Explain the difference between accrued and prepaid expenses with illustrative examples.

A: Accrued expenses are those expenses which have been incurred but not yet paid out. For example, a…

Q: Failure to accrue interest expense results ina. an overstatement of net income and an understatement…

A: Amswer: a. an overstatement of net income and an understatement of liabilities.

Q: income recieved but service not rendered, Please suggest the JE

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Q: What is unearned revenue? Why is it considered a liability? Does unearned revenue impact both the…

A: The adjustment entries are prepared for deferred, accrued revenue and expenses for the period. The…

Q: Which one of the following best describes the allowance for doubtful accounts? a.Statement of…

A: Allowance for doubtful debt is created for the accounts receivables whose recovery is uncertain. It…

Q: Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees…

A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses…

Q: On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term…

A: Wages payable: Wages company should pay them to employees but not paid by the company.

Q: Difference between deferral of expenses/revenue and accrued expenses/ revenue?

A: The business adjust the profits of the business for the current year considering deferred and…

Q: E 32-6- Preparation of statement of profit or loss The bookkeeper of Raylen Corporation presented…

A: Following are the mistakes committed by the accountant 1) Dividend amount has been deducted from the…

Q: Describe the accounting treatment of anticipated uncollectible accountsreceivable.

A: As per the matching principle of accounting, all expenses relating to the revenues must be accounted…

Q: accruals

A: Under Accrual concept, revenue is recognized when it is earned and expense is recognized when it is…

Q: The practice of recording advance payments from customers as a liability is an example of applying…

A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…

Q: Interest revenue need not be added to the gross income to compute for the total income.

A: Gross income and net income are two concepts associated with the accounting that helps to identify…

Q: Which of the following is usually not an accrued liability? Select one: a. Notes payable b. Taxes…

A: Accrued liability refers to the amount of liability that represents the expenses for the current…

Q: How does accrued but uncollected revenue affect the bal-ance sheet?

A: Accrued revenue: It can be defined as the revenue that has already been earned by the business but…

Q: How are gain contigencies reported in the financial statements?

A: A gain contingency A  gain contingency  is a possible gain arising from past events but whose…

Q: Unearned income is credited to the Profit and loss account. Do you agree with the statement?

A: Unearned income is the revenue received in advance for services to rendered in future. For example,…

Q: Why are revenue and expense accounts called temporary or nominal accounts?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Allowance for Uncollectible Accounts is An Asset A Liabilitity An Expense A Contra-Asset

A: Uncollectible accounts are those accounts from whom it is estimated that amount will not be…

Q: Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset…

A: solution:- Introduction:- Allowance for doubtful accounts means as follows under:- Allowance for…