Acct Chp 21

Expenses incurred in one fiscal period but not paid until a later fiscal period.

• accrual

• accrued expense

• accrued interest expense

• deferral

An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period

• accrual

• reversing entry

• accrued interest expense

• deferral

Cash received for goods or services which have not yet been provided

• deferred revenue

• deferred expense

• accrued interest expense

• deferral

An entry recording the receipt of cash before the related revenue is earned, or payment of cash before the related expense is incurred.

• accrual

• deferred expense

• accrued interest expense

• deferral

An expense that is paid in advance is recorded as an asset until the expense is incurred

• true

• false

The adjusting entry for deferred rent income results in a debit to Rent Income

• true

• false

After adjustments at the end of a fiscal period, the balance in Unearned Rent Income represents the rent still unearned.

• true

• false

After adjustments at the end of a fiscal period, the balance in Prepaid Rent represents the amount of rent expense for the current fiscal period.

• true

• false

After adjustments at the end of a fiscal period, the balance in Prepaid Rent represents the amount of rent expense for the current fiscal period.

• true

• false

After adjustments at the end of a fiscal period, the balance in Prepaid Rent represents the amount of rent expense for the current fiscal period.

• true

• false