A Deferred Expense is: A revenue that has been received and earned An expense th

Question

A Deferred Expense is: A revenue that has been received and earned An expense that will be paid in the future. An expense that has been received, but is a liability until earned. An expense that is listed as an asset Adjusting entries are: made because of the Accrual Accounting system. made most of the time because of the Revenue and Matching principles are made to bring you accounting system up to date All of the above When inventory prices are decreasing, which inventory valuation method would give you the lowest cost of goods sold FIFO LIFO WEIGHTED AVERAGE NIFO The Allowance method of recording Bad Debt Expense is required because of the: Matching Principle Matching and Cost Principle Materiality Principle None of the above When using Cost method of recording price changes in an Available for Sale S.T. Investment: Gains are recognized but not losses Losses are recognized only Violates the Cost principles Unrealized Gains and Loses are not recognized in the Income Statement but are recognized in the Balance Sheet as Fair Market Value Adjustments.

Explanation / Answer

Solution.

An expense that is listed as an asset.

The term "deferred expense" is used to describe a payment that has been made, but it won't be reported as an expense until a future accounting period.

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