Question

1. An accrued expense can best be described as an amount _______________. a.not paid and currently...

1.

An accrued expense can best be described as an amount _______________.

a.not paid and currently matched with earnings

b.not paid and not currently matched with earnings

c.paid and not currently matched with earnings

d.paid and currently matched with earnings

2.

Beginning and ending balances of accounts receivable were $28,000 and $36,000, respectively. If collections from customers during the period were $80,000, then total sales would be ___________.

a.$72,000

b.$80,000

c.$88,000

d.$108,000

Business   Accounting   
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Answer #1

1) a. not paid and currently matched with the earnings

Under Accrual method of accounting expenses are to be reconised when the incurred even if not paid in cuurent year. Accrued expense are the expense that are incurred in current year but which is yet to be paid, and as per matching principles expenses for the revenue earn are to be recognised even if not paid in current year.

2. C $88000

Account receivable is the balance of money receivable from the debtor , customer for the goods and services proviceded

Account Receivable

Opening Balance ......$28000
Sales ........................$88000 Collection.......... $80000
Ending Balance .$36000
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