ACCT 2000 Lowe Ardoin Exam 202
(Verified Q’s & Answers)
What are the two types of accrual adjusting entries? - ✔✔accrued revenue and
accrued expenses
Adjusting entries are needed to ensure that the ____________ and ___________ principles are
followed. - ✔✔expense; revenue
Expenses paid in cash and recorded as assets before they are used or consumed are called
____________ ______________. - ✔✔Prepaid Expenses
Cash received and reported as liabilities before revenue is earned is called _____________
____________. - ✔✔Unearned Revenue
Revenues earned but not yet received in cash or recorded are called ___________
_____________. - ✔✔Accrued Revenue
Expenses incurred but not yet paid in cash or recorded are called ______________
______________. - ✔✔Accrued Expenses
If there are no adjusting entries for accrued revenue, ______________ and ____________ are
understated. - ✔✔revenues; assets
(Verified Q’s & Answers)
What are the two types of accrual adjusting entries? - ✔✔accrued revenue and
accrued expenses
Adjusting entries are needed to ensure that the ____________ and ___________ principles are
followed. - ✔✔expense; revenue
Expenses paid in cash and recorded as assets before they are used or consumed are called
____________ ______________. - ✔✔Prepaid Expenses
Cash received and reported as liabilities before revenue is earned is called _____________
____________. - ✔✔Unearned Revenue
Revenues earned but not yet received in cash or recorded are called ___________
_____________. - ✔✔Accrued Revenue
Expenses incurred but not yet paid in cash or recorded are called ______________
______________. - ✔✔Accrued Expenses
If there are no adjusting entries for accrued revenue, ______________ and ____________ are
understated. - ✔✔revenues; assets
