Which of the following is an example of an accrued revenue?
a. Interest on debt incurred during the year, to be paid in the first quarter of the
subsequent year
b. Rent paid at the beginning of the year and debited to an expense account.
c. Depreciation expense
d. Rent earned during the period, to be received at the beginning of the next year

Which of the following statements is correct about closing entries?
a. Must debit or credit one income statement account and one statement of financial
position account
b. Include closing the dividends account to income summary
c. All of these choices are correct
d. Are posted to the appropriate general ledger accounts

Answer rating: 100% (QA)

Accrued Revenue It is revenue that has been earned by providing a go... View the full answer