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What is the accrual-basis of accounting

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Reference no: EM132648496

Question 1. What is the accrual-basis of accounting?

Question 2. What is an accrued expense?

Question 3. What is accrued revenue?

Question 4. What is a prepaid expense?

Question 5. What is unearned revenue?

Question 6. State the rule that indicates which adjusting entries for prepaid and unearned items should be reversed.

Reference no: EM132648496

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