Revenue Items That Are Earned but Have NOT Been Collected

question 98

Multiple Choice

Revenue items that are earned but have NOT been collected or recognized are called

• A) Unearned receivables
• B) Deferred revenues
• C) Unrecorded receivables
• D) Prepaid revenues

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Definitions:

Journal Entry

A record in the accounting journal that represents a transaction and includes debits and credits.

Cash Register Overages

The situation where the amount of cash in a cash register exceeds the expected amount based on sales records.

Petty Cash Fund

A small amount of cash kept on hand within a business for minor, day-to-day expenses.

Cash Equivalents

Short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.