If you still remember lessons from ACC10, you should be able to answer the following:
1. Can you find accrued expense and deferred expense in the income statement? Why or why not?
2. Why is accrued income not synonymous to service income?
3. How do you journalize this scenario: Rendered service on account for P100.
4. When do you record unearned income or deferred income?
5. If revenues and expenses are reported in the income statement, __________, ___________, and ___________ are reported in the balance sheet.
6. T or F: The normal balance of Accumulated Depreciation is debit.