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120 points Which answer is true? The revenue recognition principle has four steps. The time period concept can only be for one month. Cash is recorded when received under the cash basis. A fiscal year is over 6 months. 220 points Prepaid rent is what type of adjustment? Deferred expense Accrued expense Deferred Liability Accrued Liability 320 points Accounts Receivable is adjusted by which type of Adjustment? Deferred Expense Accrued Revenue Deferred Revenue Accrued Expense