Chapter 3: Accounting Information System

Question 1

Prepaid Expenses

Answer 1

Expenses paid in cash before they are used or consumed

Question 2

Unearned Revenues

Answer 2

Cash received before services are performed

Question 3

Accrued Revenues

Answer 3

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

Question 4

Accrued Expenses

Answer 4

Expenses incurred but not yet paid in cash or recorded