A Revenue That Has Been Earned, but Not Yet Collected

question 161

Multiple Choice

A revenue that has been earned, but not yet collected is a(n) :

• A)unearned expense.
• B)prepaid expense.
• C)accrued expense.
• D)accrued revenue.

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Definitions:

Inventory

The entirety of goods and materials held by a company for the purpose of resale, manufacturing, or repair.

Income Statement

a financial report that provides a summary of a company’s revenues, expenses, and profits/losses over a specific period of time.

Wages Payable

An account that reflects the total amount owed to employees for work performed that has not yet been paid.