Adv. Accounting - Ch. 10 Review: Question Preview (ID: 13470)


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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)
c)
d) False

Unearned revenue is initially recorded either as a liability or as an expense.
a) True
b)
c)
d) False

When a note receivable is dishonored, the debt can no longer be collected and is treated as an uncollectible account.
a) True
b)
c)
d) False

To recognize the amount of unearned revenue earned during the year, an adjusting entry is recorded.
a) True
b)
c)
d) False

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) True
b)
c)
d) False

Interest Income earned on notes receivable is classified in the financial statements as Other Revenue.
a) True
b)
c)
d) False

Since notes receivable are generally due within a year, they are classfied as current liabilities in the financial statements.
a) True
b)
c)
d) False

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)
c)
d) False

Revenue received in one fiscal period but not earned until the next fiscal period is
a) accrued revenue
b) unearned revenue
c) delayed revenue
d) postponed revenue

Revenue earned in one fiscal period but not received until a later fiscal period is
a) unearned revenue
b) delayed revenue
c) postponed revenue
d) accrued revenue

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