Common Uses of Spreadsheets Include Reporting Finances and Managing Expenses

question 5

True/False

Common uses of spreadsheets include reporting finances and managing expenses.

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Definitions:

Prepaid Rent

An asset account on the balance sheet representing rent payments made in advance of the rental period.

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditure to the appropriate periods.

Accrued Fees

Charges that have been incurred but not yet paid or recorded at the end of a reporting period, representing liabilities on the balance sheet.

Earned

Earned typically refers to income or revenue that has been generated from businesses activities or investments and is recognized upon the delivery of goods or services.