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Quiz #1

In recording transactions, which of the following best describes the relation between expenses and losses?
Losses are material items, whereas expenses are immaterial items.
Losses are expenses that may or may not arise in the course of ordinary activities.
Losses are extraordinary charges to income, whereas expenses are ordinary charges to income.
Expenses can always be prevented, whereas losses can never be prevented.
An entity that sprays chemicals in residences to eliminate or prevent infestation of insects requires that customers prepay for 3 months’ service at the beginning of each new quarter. Select the term that appropriately describes this situation from the viewpoint of the entity.
Accrued income
Deferred income
Prepaid expense
Earned income
1
2
3
5
6
4
5
9
210
14
1
3
1
1
5
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