Match each definition with its related term by selecting the appropriate letter
ID: 2466137 • Letter: M
Question
Match each definition with its related term by selecting the appropriate letter from the dropdown below. A. A liability account used to record the obligation to provide future services or return cash that has been received, before revenues have been earned. B. Costs that result when a company sacrifices resources to generate revenues in the current period. C. A type of asset account used to record the benefit obtained, when cash is pad before expenses are incurred. D. The amount charged to customers for providing goods or services.Explanation / Answer
Answer:
Terms Definition 1 Expenses B.costs that result when a company sacrifice resources to generate revenues in the current period. 2 Unearned Revenue A. A liability account used to record the obligation to provide future services or return cash that has been received, before revenues have been earned. 3 Prepaid expenses C. A type of asset account used to record the benefits obtained, when cash is paid before expenses are incurred. 4 Revenues D. the amount charged to customers for providing goods or services