Accrued Revenues

question 35

Multiple Choice

Accrued revenues

• A) Are paid in advance
• B) At the end of one accounting period often result in cash receipts from customers in the next period
• C) At the end of one accounting period often result in cash payments in the next period
• D) Are also called unearned revenues
• E) Are listed on the balance sheet as liabilities

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Definitions:

Partnership Business

A business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Agreement.

Tort Committed

An act or omission that gives rise to injury or harm to another, resulting in legal liability.

Debts or Claims

Obligations owed by one party to another, which may be subject to repayment or compensation.

Admission of a New Partner

A business procedure that involves integrating a new partner into an existing partnership, often requiring adjustments in capital and profit-sharing ratios.