Which of the following statements is correct? Revenue and expense accounts a) are really owners equity accounts. b) are really paid-in-capital accounts. c) have no impact on the balance sheet. d) are really asset and liability accounts.

An accrued expense can best be described as an amount a) paid and matched with revenues. b) paid but not yet matched with revenues. c) not paid and not yet matched with revenues. d) not paid but matched with revenues.

A deferred expense can best be described as an amount a) paid and matched with revenues. b) paid but not yet matched with revenues. c) not paid but matched with revenues. d) not paid and not yet matched with revenues.