Adjusting entries are sorted into two groups, accruals and deferrals. What is the classification term for current assets that are paid for in advance like office supplies and prepaid insurance that will be used in the business as time passes? This is Group of answer choices unearned revenue accrued expenses prepaid expenses accrued revenue
Adjusting entries are sorted into two groups, accruals and deferrals. What is the classification term for current assets that are paid for in advance like office supplies and prepaid insurance that will be used in the business as time passes? This is Group of answer choices unearned revenue accrued expenses prepaid expenses accrued revenue
Chapter5: Completing The Accounting Cycle
Section: Chapter Questions
Problem 1PA: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...
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Group of answer choices
unearned revenue
accrued expenses
prepaid expenses
accrued revenue
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