Due to Their Brevity, Text Messages Will Probably ______

question 101

Multiple Choice

Due to their brevity, text messages will probably ______.

• A) become a standard practice in business communication
• B) develop norms where text jargon is appropriate in business settings
• C) increase the workload of electronically savvy workers
• D) not replace e-mail as the primary means of communications in business settings

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Definitions:

Prepaid Expense

Prepaid expense refers to payments made in advance for goods or services to be received in the future, recognized as assets on a balance sheet.

Unearned Service Revenue

Income received in advance for services that have not yet been performed, considered a liability until the service is delivered.

Adjusting Entries

Adjustments in accounting records at the end of a period to correctly distribute incomes and costs to the period they pertain to.

Prepaid Rent

Payments made in advance for rent, recorded as an asset on the balance sheet until it is consumed over time and moved to expense.