41 which of the following is a contra account a depreciation expense b accumulated d 4306774

41 which of the following is a contra account a depreciation expense b accumulated d 4306774

41) Which of the following is a contra account?

A) Depreciation Expense

B) Accumulated Depreciation

C) Unearned Revenue

D) Earned Revenue

42) Accrued revenue is revenue that ________.

A) has been collected and earned

B) the business has collected in cash, but not yet earned

C) the business has earned, but not yet collected in cash

D) will be collected and earned in the future

43) Unearned revenue is revenue that ________.

A) will be collected and earned in the future

B) the business has collected in cash, but not yet earned

C) has been collected and earned

D) the business has earned, but not collected in cash

44) An adjusting entry that credits Salaries Payable is an example of a(n) ________.

A) accrued expense

B) unearned revenue

C) accrued revenue

D) prepaid expense

45) An adjusting entry that debits Accounts Receivable is an example of a(n) ________.

A) prepaid expense

B) accrued revenue

C) accrued expense

D) unearned revenue

46) An expense that has been incurred but not yet paid is called a(n) ________.

A) accrued revenue

B) prepaid expense

C) unearned revenue

D) accrued expense

47) Revenue that has been earned but not yet collected in cash is called a(n) ________.

A) accrued revenue

B) prepaid expense

C) unearned revenue

D) accrued expense

48) The advance cash receipts of future revenues are called ________.

A) accrued revenues

B) prepaid expenses

C) unearned revenues

D) accrued expenses

49) The advance cash payments of future expenses are called ________.

A) accrued revenues

B) prepaid expenses

C) unearned revenues

D) accrued expenses

50) In accounting, depreciation refers to the ________.

A) method of spreading the cost of a plant asset over its useful life

B) method of declining the market value of an asset to its book value

C) method of estimation of an asset's current market value

D) process of sale of a used asset

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