Examlex
Which of the following is an example of time utility?
Accrued Expense
Expenses that have been incurred but not yet paid or recorded in the financial statements.
Adjusting Entry
An entry made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.
Unearned Rent
Income received before the period to which it applies, requiring deferred revenue recognition until the service (rental period) is provided.
Adjusting Entry
An adjusting entry is a journal entry made in accounting records at the end of an accounting period to allocate income and expenditures to the appropriate period.
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