Provide clear, concise answers for the following. 1. What is the accrual basis of accounting? 2. What
Question:
1. What is the accrual basis of accounting?
2. What is an accrued expense?
3. What is accrued revenue?
4. What is a prepaid expense?
5. What is unearned revenue?
6. State the rule that indicates which adjusting entries for prepaid and unearned items should be reversed.
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1 Accrual basis of accounting It is the concept of recording revenue in the income statement when earned and expenses when incurred Expenses are match...View the full answer
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