Accounting Quiz

Revenue not yet earned; collected in advance

• Accrued Expense

• Deferred Revenue

• Accrued Revenue

• Deferred Expense

Revenue earned, not yet collected

• Accrued Expense

• Deferred Revenue

• Accrued Revenue

• Deferred Expense

Expense not yet incurred, paid in advance

• Accrued Expense

• Deferred Revenue

• Accrued Revenue

• Deferred Expense

Expense incurred, not yet paid

• Accrued Expense

• Deferred Revenue

• Accrued Revenue

• Deferred Expense

An accounting method in which revenues are reported in the period in which they are earned, and expenses are reported in the period in which they are incurred

The entry required at the end of an accounting period to bring the accounts up to date and to ensure the proper matching of income and expenses.

The difference between the accumulated depreciation account and the related property and equipment account

If a P2,500 adjustment for depreciation is omitted which of the following financial statement errors will occur?

• Assets will be understated

• Expenses will be overstated

• Owner's Equity will be overstated

• Profit will be understated

Office supplies were P9,000 at the end of January and P11,400 at the end of February. During February, Office Supplies Expense equaled P3,000. How much cash was paid for office supplies during February?

An entity has P1,500 of supplies on hand at the end of 2022. During 2023, 2,750 of supplies were purchased. A count of supplies on hand at the end 2023 found an inventory of 875. What was the amount of supplies expense?