1.1.6 Accounting MCQ 4 MARKS Which of the following is an example of an accruedexpense?a) Prepaid Insuranceb) Unearned Revenuec) Wages Payabled) Accounts ReceivableAnswer: c) Wages Payable

Explanation of Prepaid Insurance:Prepaid Insurance is a payment made in advance for insurance…

Answered: Which of the following is an example of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16MC: Which of these accounts is a liability? A. Accounts Receivable B. Supplies C. Salaries Expense D....

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Similar questions

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Rent collected in advance is an example of which of the following? A. accrued expense B. accrued revenue C. deferred expense (prepaid expense) D. deferred revenue (unearned revenue)
Rent paid in advance is an example of which of the following? A. accrued expense B. accrued revenue C. deferred expense (prepaid expense) D. deferred revenue (unearned revenue)
What accounts are used to record a contingent warranty liability that is probable and estimable but has yet to be fulfilled? A. warranty liability and cash B. warranty expense and cash C. warranty liability and warranty expense, cash D. warranty expense and warranty liability
Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated? A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principle
Identify which type of adjustment is associated with this account, and what is the other account in the adjustment? Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. accounts receivable B. interest payable C. prepaid insurance D. unearned rent

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Which of the following is an example of an accrued expense? a) Prepaid Insurance b) Unearned Revenue c) Wages Payable d) Accounts Receivable Answer: c) Wages Payable