Copyright

Accrued Expenses & Revenues: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the most common accounting method used by businesses?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. What is money that is earned in one accounting period but not received until another?

2. What are expenses incurred in one accounting period but not paid until another?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

What is the difference between accrued expenses and revenues, and how are these recorded for accounting purposes? This quiz/worksheet combo will gauge your understanding of these processes.

Quiz and Worksheet Goals

In these assessments, you'll be tested on:

  • The name of the most common business accounting method
  • The terms used to indicate money earned but not received and expenses incurred but not paid in an accounting period
  • Common forms of accrued expenses and revenues

Skills Practiced

This worksheet and quiz will allow you to test the following skills:

  • Reading comprehension- ensure that you draw the most important information from the related lesson about how accrued expenses and revenues are recorded
  • Defining key concepts - ensure that you can accurately define main phrases, such as salaries payable and interest revenue
  • Knowledge application - use your knowledge to answer questions about the types of accrued expenses and revenues

Additional Learning

To learn more about this topic, review the accompanying lesson called Accrued Expenses & Revenues: Definition & Examples. This lesson covers the following objectives:

  • Define accrual methods
  • Identify accrued expenses and accrued revenues
  • Discuss types of accrued expenses and revenues
  • Provide detailed examples of terms discussed in the lesson
Support