How many did you get right❓ ANSWERS ⬇️ 1. Deferred Revenue (aka. Prepaid Revenue) is a Liability. It represents payments received in advance for goods or services that it haven’t yet delivered or provided. 2. Prepaid Expenses are an Asset. They represent future expenses that have been paid for in advance. 3. Accrued Revenue (aka. Unbilled Revenue) is an Asset. It represents revenue that has been earned but not invoiced yet. 4. Unearned Revenue (aka. Prepaid Revenue) is a Liability. It’s the same as Deferred Revenue. 5. Accrued Expenses are a Liability. They represent past expenses that haven’t been recorded, or paid for yet. Head to accountingstuff.com for more practice questions like this. ❤THANKS FOR YOUR SUPPORT Shahana Selvakumar masdion Michael Reynolds RestaurantSystemsPro AbdulKhaliq Ismael Fievelgoesout Robert Levitt Aurora Nesby Leah Brown Kristi Koopman Ryan Glick Marcelo Furlan Charles Puglisi Root ＆ Stone Landscape and Construction Faisal Ahmed Daniela Biddulph John-Michael Lewis Igor Alexis Rocco Bouse Glyn Pritchard-Jones Beatriz Alvarez TurningWest, Inc. JIAXUAN LI Adam Mccoy leanne allen David Rogers John Fennell Adamm Ferrier Connie Kelley Ligia Hernandez Idk John Rachow Dameria Hutapea
@@AccountingStuff yeah I understood why after I saw your explanation also I got confused about accrued accounting even tho I have learned about in corporate accounting 2, thanks anyway I have learned some new stuff from you. Still a student 🤍
How many did you get right❓
ANSWERS ⬇️
1. Deferred Revenue (aka. Prepaid Revenue) is a Liability. It represents payments received in advance for goods or services that it haven’t yet delivered or provided.
2. Prepaid Expenses are an Asset. They represent future expenses that have been paid for in advance.
3. Accrued Revenue (aka. Unbilled Revenue) is an Asset. It represents revenue that has been earned but not invoiced yet.
4. Unearned Revenue (aka. Prepaid Revenue) is a Liability. It’s the same as Deferred Revenue.
5. Accrued Expenses are a Liability. They represent past expenses that haven’t been recorded, or paid for yet.
Head to accountingstuff.com for more practice questions like this.
❤THANKS FOR YOUR SUPPORT
Shahana Selvakumar
masdion
Michael Reynolds
RestaurantSystemsPro
AbdulKhaliq Ismael
Fievelgoesout
Robert Levitt
Aurora Nesby
Leah Brown
Kristi Koopman
Ryan Glick
Marcelo Furlan
Charles Puglisi
Root ＆ Stone Landscape and Construction
Faisal Ahmed
Daniela Biddulph
John-Michael Lewis
Igor Alexis
Rocco Bouse
Glyn Pritchard-Jones
Beatriz Alvarez
TurningWest, Inc.
JIAXUAN LI
Adam Mccoy
leanne allen
David Rogers
John Fennell
Adamm Ferrier
Connie Kelley
Ligia Hernandez
Idk
John Rachow
Dameria Hutapea
please share the opposite answer when answer is fals/wrong
Wow! I got 5 out 5 right 🎉
I feel so smart now. What a shame it's bed time and not morning. This would have made my day 😭😭😭
Well done!! Great effort :)
Thank you@@AccountingStuff 😊
Thank you! These are super helpful for revision.
No problem, glad you're finding them useful :)
4/5 yay. Definitely making progress
So close!!
4/5 and i just started watching your videos yesterday.... i feel so accomplished 😂😂
Nicely done :)
Aced it thanks to that 4 hour accounting video of Yours James.👍
Nice one!
Learning a lot with your videos 😊
That's great to hear :)
5/5 🎉 woohoo!
Your channel has contributed my accounting knowledge allot 🙌🏿
Nicely done!!
5 out of 5, but much more to learn!
Great effort!
5/5 thanks for these shorts
You're very welcome :)
I got it !!! , Why cant I feel this confident in class ?
Keep on practicing and you'll see the pattern in all these questions
Thanks for this
You're welcome :)
Please make me to understand this good
I have a playlist covering this topic which you can find here: ua-cam.com/play/PL5zKSeS09l31dhHvwhS4sVjcckQSPGqtp.html
everyone correct.
Nicely done
3/5
Over 50%! Well done :)
4/5 my highest scores yet
Nice one!!
5/5
Well done
5 out of 5
Well done!
3/5 🙃
Not bad! You may find this video useful: ua-cam.com/video/mrJdVh5MmKI/v-deo.html
4/5 🎉
So close!
5/5!
Well done!
yehey !!! 5/5 ❤
Nice one!
4
So close :)
5/5 🎉, I am 16 Year old
Great effort!
4/5 not too bad
Not bad at all!
4\5
Well done!
5/5🎉
🙌
@@AccountingStuff lol been doing this for over 10 years now!
Thanks for good content
Well if accrued revenue and unearned revenue are same thing why accrued revenue is asset and unearned revenue liability ?
Accrued Revenue and Unearned Revenue (aka. Deferred Revenue) aren't the same thing
4/5 mostly because i wasnt quick enough to answer the first question lol.
Well done!
4/5, why is accrued revenue an asset?
Anything accrued is normallya liability not an asset
You can find out why in this video: ua-cam.com/video/7ibN25VCvFg/v-deo.html
Accrued Expenses are Liabilities, Accrued Revenue is an Asset
4/5
Q3 got it wrong
Does the answer make sense?
@@AccountingStuff yeah I understood why after I saw your explanation also I got confused about accrued accounting even tho I have learned about in corporate accounting 2, thanks anyway I have learned some new stuff from you. Still a student 🤍
😂4/5
Well done!
Oof... 3/5
Got 5/5 the second time through though 😅
Nice one!@@noorykorky5056
@@AccountingStuff Thank you 😊
3/5
Over 50%! Good effort
5/5
Well done :)
4/5 🎉
Well done :)
4
Good stuff!
4/5
Well done 👍
4/5
Nicely done!
4/5
Which did you get wrong?
3/5
Nice one :)
4/5
Nice one!