Reference no: EM132671153

Problem 1: A list of all accounts and their balances after posting closing entries is referred to as:

Multiple Choice

Option 1: A trial balance.

Option 2: An adjusted trial balance.

Option 3: A post-closing trial balance.

Option 4: An accounting trial balance.

Problem 2: Deferred revenues refer to:

Multiple Choice

Option 1: Customers paying cash in advance of the good or service to be provided.

Option 2: Revenue being recorded prior to cash collection from the customer.

Option 3: Revenue being recorded at the same time the cash is collected from the customer.

Option 4: Cash being collected from the customer after the revenue is recorded.

Problem 3: An accrued expense occurs when:

Multiple Choice

Option 1: Cash payment (or an obligation to pay cash) occurs before the expense recognition.

Option 2: An expense is recorded at the same time as the cash payment.

Option 3: The expense is recognized before the payment of cash.

Option 4: Cash is paid but an expense is never recorded.