Classify the Following Items As

question 36

Essay

Classify the following items as:
a.accrued revenue (accrued asset)
b.deferred revenue (unearned revenue)
c.accrued expense (accrued liability)
d.deferred expense (prepaid expense)
(1)Three months' rent paid in advance
(2)Rental income for six months received in advance
(3)Jobs completed but not yet billed at month-end
(4)Interest payable accrued on a note,but not yet paid
(5)Telephone bill owed but not yet paid
(6)A three-year premium paid on auto fleet insurance policy

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Definitions:

Norm

Accepted standards or expectations of behavior within a society or group.

Mutual Constitution Model

The idea that cultures and selves each cause the other.

United States

A country in North America made up of 50 states and the District of Columbia, known for its significant cultural and economic influence globally.

Japanese

Pertaining to Japan, its people, culture, or language.