1. Which type of adjustment occurs when cash is either collected or paid, but the related income or expense is not reportable in the current period?

a. deferral

b. accrual

c. estimate

d. cull

2. Salaries owed but not yet paid is an example of which of the following?

a. accrued expense

b. accrued revenue

c. deferred expense (prepaid expense)

d. deferred revenue (unearned revenue)

3. Which of the following breaks down company financial information into specific time spans, and can cover a month, quarter, half-year, or full year?

a. accounting period

b. yearly period

c. monthly period

d. fiscal period