Question

For the statements below select the appropriate terms from the given choices. 1. A revenue not yet recognized; collected in advance. 2. Office supplies on hand that will be used in the next period. 3. Interest revenue collected; not yet recognized. 4. Rent not yet collected; already recognized. 5. An expense incurred; not yet paid or recorded. 6. A revenue recognized; not yet collected or recorded. 7. An expense not yet incurred; paid in advance. 8. Interest expense incurred; not yet paid.

Answer 1

Following are the  appropriate terms that are used in Business terms.

Explanation:

1. Advance income received - As it is prepaid

2. Stock / Current Asset - Depending upon the choice given

3. Advance interest received - Prepaid Advance

4. Accrued rent- Amount yet to be credited

5.Outstanding Expense - That is yet to be paid

6. Accrued Income - Revenue yet to be generated

7.Prepaid Expense - Paid in Advance

8. Outstanding Interest - Yet to be paid.

Above are the proper words that are used to in the Business terms that are globally used by any kind of enterprise.