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Adv. Accounting - Ch. 10 Review
Test Description: Accounts Receivable, Unearned Revenue & Accrued Revenue
Instructions: Answer all questions to get your test result.
1) When a business has only a few notes receivable outstanding, it records a separate adjusting entry for the accrued interest on each note.
A
True
B
False
2) Unearned revenue is initially recorded either as a liability or as an expense.
A
False
B
True
3) When a note receivable is dishonored, the debt can no longer be collected and is treated as an uncollectible account.
A
False
B
True
4) To recognize the amount of unearned revenue earned during the year, an adjusting entry is recorded.
A
False
B
True
5) A note receivable accepted for the sale of merchandise when no cash is received up front would be recorded as a debit to Notes Receivable and a credit to Sales.
A
False
B
True
6) Interest Income earned on notes receivable is classified in the financial statements as Other Revenue.
A
False
B
True
7) Since notes receivable are generally due within a year, they are classfied as current liabilities in the financial statements.
A
False
B
True
8) The 2 types of revenue that require special accounting procedures at the end of a fiscal period are 1) unearned revenue and 2) accrued revenue.
A
True
B
False
9) Revenue received in one fiscal period but not earned until the next fiscal period is
A
unearned revenue
B
delayed revenue
C
accrued revenue
D
postponed revenue
10) Revenue earned in one fiscal period but not received until a later fiscal period is
A
postponed revenue
B
delayed revenue
C
unearned revenue
D
accrued revenue
*select an answer for all questions
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