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ACCA Knowledge Level Summary Of Revenues — practice questions

Explore 1 free Summary Of Revenues questions in ACCA Knowledge Level Financial Accounting. Open each question or exercise to read its content, reference answers and available explanation.

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Summary Of Revenues questions and exercises with answers

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When Fees Earned is credited because cash will be received only after the service is provided, which account is debited?Read the answer and worked solution →

Worked practice questions

When Fees Earned is credited because cash will be received only after the service is provided, which account is debited?

  1. Accounts Receivable
  2. Cash held at the bank
  3. Unearned Fees liability
  4. Wages Payable liability
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Correct answer: A. Accounts Receivable

1. The text gives three timings: past, present, and future relative to the service. 2. "Future" means cash is received after the service, so the customer owes the business. 3. The debit is to Accounts Receivable, making A correct. 4. Cash (B) is the present case; Unearned Fees (C) is the past (prepaid) case; D is unrelated. _Source: Jonick, Principles of Financial Accounting (CC BY-SA 4.0), §2.4.2 "Summary of Revenues", p.80_

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