Question Details

1.	The Unearned Fees account is classified as a(n)
a.	liability.
b.	revenue.
c.	asset.
d.	expense.



	2.	Which of the following accounts is an asset?
a.	Jack Rossi, Capital
b.	Notes Payable
c.	Prepaid Rent
d.	Supplies Expense



	3.	Unearned revenues are recorded by companies that
a.	receive money in advance of the performance of a service.
b.	pay money at the time the performance of a service is complete.
c.	receive money at the time the performance of a service is complete.
d.	pay money in advance of the performance of a service.



	4.	Office supplies become expenses
a.	when they are consumed (used up).
b.	when they are paid for.
c.	at no time, since they are an asset.
d.	when they are purchased.



	5.	Which of the following accounts is classified differently from the others listed?
a.	Accounts Receivable
b.	Owner's Capital
c.	Prepaid Rent
d.	Cash



6.	Which of the following accounts is classified differently from the others listed?
a.	Notes Payable
b.	Unearned Revenue
c.	Accounts Payable
d.	Fees Earned




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