Describe the Two Checkpoints That Occur During Interphase

question 65

Essay

Describe the two checkpoints that occur during interphase.

---

Definitions:

Liability Accounts

Accounts on a balance sheet that represent what a company owes to others, such as loans, accounts payable, mortgages, deferred revenues, and accrued expenses.

Expense Accounts

These accounts are used in accounting to track the consumption of assets or services that contribute to the operation and revenue generation of the business.

Asset Accounts

Representations on a balance sheet of value held, including cash, property, and equipment owned by the entity.

Regular Earnings

The standard amount of income received by an employee before any deductions or overtime.