Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

3. Accrual Accounting Concepts

Adjusting Entries: Accrued Revenues

Financial Accounting

3. Accrual Accounting Concepts

Adjusting Entries: Accrued Revenues

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Multiple Choice

Adjusting entries for accrued revenues affect at least one of which of the following types of accounts?

Expense account and liability account

Revenue account and asset account

Liability account and revenue account

Asset account and equity account

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Verified step by step guidance

Understand the concept of accrued revenues: Accrued revenues are revenues that have been earned but not yet received in cash or recorded. These require adjusting entries to ensure proper recognition in the accounting period.

Identify the accounts affected by accrued revenues: Accrued revenues typically increase a revenue account (to recognize the earned revenue) and an asset account (to record the receivable).

Review the options provided in the problem: Analyze each option to determine which pair of accounts aligns with the impact of accrued revenues. For example, accrued revenues do not affect expense accounts or liability accounts.

Match the correct answer with the concept: Since accrued revenues increase revenue and asset accounts, the correct answer is 'Revenue account and asset account.'

Reinforce the principle: Adjusting entries for accrued revenues ensure compliance with the accrual basis of accounting, which recognizes revenues when earned, regardless of cash receipt.