LONG QUIZ - ACCOUNTING

Revenues earned by performing services to customers.

(a)  

Expenses related to the use of electricity, water and telecommunications facilities.

• Utilities Payable
• Utilities Expense
• Utilities Income
• Utilities Receivable
• None of the choices are correct

Payments made to employees for rendering services to the company.

• Salaries Receivable
• Salaries Revenue
• Salaries Payable
• Salaries Expense
• None of the choices are correct

Amount paid for supplies used in the conduct of business.

• Supplies Expense
• Prepaid Supplies
• Unused Supplies
• Supplies Payable
• None of the choices are correct

Amount paid for the use of property, such as space, equipment, or other rentals.

• Rent Income
• Rent Payable
• Rent Expense
• Rent Receivable
• None of the choices are correct

Expired portion of premiums paid on insurance coverage.

• Insurance Expense
• Prepaid Insurance
• Insurance Payable
• Insurance Receivable
• None of the choices are correct

Represents the withdrawals made by the owner of the business for personal use.

• Owner's, Capital
• Owner's Equity
• Owner's Receivable
• Owner's Cash
• None of the choices are correct

Debts arising from acquisition of services or goods/products on account/credit.

• Accounts Payable
• Accounts Receivable
• Service Payable
• Sales Payable
• None of the choices are correct

It is a debt that is supported or evidenced by a promissory note.

• Notes Receivable
• Notes Payable
• Accounts Payable
• Accounts Receivable
• None of the choices are correct

Expenses that are paid in advance.

• Accrued Expense
• Advances to Employees
• Prepaid Expense
• Advances from Customers
• None of the choices are correct