An Entry That Reflects the Using Up of a Portion

question 4

Multiple Choice

An entry that reflects the using up of a portion of a fixed asset's value would be a(n) ________ entry.

• A) prepaid expense
• B) accrued expense
• C) accrued revenue
• D) depreciation

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Definitions:

In Personam Jurisdiction

The power of a court to require a party (usually the defendant) or a witness to come before the court. The court must have personal jurisdiction to enforce its judgments or orders against a party. In personam jurisdiction extends only to the state’s borders in the state court system and across the court’s geographic district in the federal system.

Quasi In Rem

A legal term referring to a court's jurisdiction over an individual's property to resolve a dispute, not directly against the person.

Excess Proceeds

The amount of money that remains after all debts, liabilities, and costs have been paid off in a transaction, often associated with auctions or foreclosures.

Neonates

Newborn babies, especially within the first month after birth.