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What is the disadvantage of linking an Excel spreadsheet from Access?
Prepaid Insurance
An asset account that represents insurance payments made in advance, which are to be expensed over the period the insurance coverage pertains to.
Unearned Rent
Income received from property rentals before the rental period has occurred, considered a liability until the period covers it.
Adjusted Trial Balance
A list of all accounts and their balances after adjustments are made for accruals, deferrals, and errors to prepare for financial statement generation.
Net Income
The total profit of a company after all expenses, including taxes and operating costs, have been deducted from total revenue.
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