Reference no: EM132789586

Problem 1: Which of the following is an example of a deferral?

a. A commission collected in advance.

b. Interest earned on a bank account.

C. Interest expense incurred but not yet paid.

d. Medical fees earned but not yet collected.

Problem 2: The recording of an expense could result in a corresponding increase in

a. a liability.

b. an asset.

C. owner's equity.

d. revenue.

Problem 3: Recording of an expense could result in a corresponding increase in

a. Liability

b. an asset

c. owner's equity

d. revenue