Chapter 3 Flashcards
1
Q
Salaries payable is a liability from a(n) (deferred/accrued) expense.
A
Accrued
2
Q
Amazon records revenue when customers pay for purchases online that are to be shipped in one week. They are using (cash/ Accrual) Basis Accounting.
A
Cash
3
Q
You pay your $80 phone bill for July on the 1st and record the expense on the 31st. You are using (Cash/Accrual) Basis accounting
A
Accrual
4
Q
Prepaid rent is an asset associated with a(n) (deferred/accrued) expense.
A
Deferred
5
Q
A restaurant issuing a gift card is an example of (deferred/accrued) revenue
A
Deferred
6
Q
Being paid a month after doing a job is (deferred/accrued) revenue.
A
Accrued
