(Solved): Chose the correct option.( \( 2 \times 8=16 \) ) 3. Unaamed Revemue is a(n): A) revenue account B) ...

Chose the correct option.( \( 2 \times 8=16 \) ) 3. Unaamed Revemue is a(n): A) revenue account B) expense account C) asset account D) liability account 4. What is the liability called that arises from an expense that the business has incurred but has not yet paid? A) it is known as an uneamed expense. B) It is called a deferred expense. C) It is called a prepaid expense. D) It is referred to as an accrued expense. 5. Adjusting entries: A) are prepared at the option of the accountant B) are not needed under the accrual basis of accounting C) are prepared at the beginning of the accounting period to update all accounts D) are prepared at the end of the accounting period to update certain accounts 6. An acoountant who keeps his books using accrual accounting performs a service but does not receive payment at the time the service is performed. The entry made by the accountant will require a creclit tor A) Uneamed Expense B) Deferred Expense C) Service Revenue D) Unearned Service Reverue