Definitions Provide Clear, Concise Answers for the Following

question 32

Essay

Definitions
Provide clear, concise answers for the following:
1. What is the accrual basis of accounting?
2. What is an accrued expense?
3. What is accrued revenue?
4. What is a prepaid expense?
5. What is unearned revenue?
*6. State the rule that indicates which adjusting entries for prepaid and unearned items should be reversed.

Recognize the importance and implications of operant conditioning in modifying behavior.

Comprehend the roles of cognitive processes and biological predispositions in learning.

Understand the concepts of punishment and its effects on behavior.

Conceptualize latent learning and its significance.

---

Definitions:

Credit Customer

A customer who purchases goods or services on credit, paying at a later date rather than at the time of sale.

Payment Terms

The conditions under which a seller will complete a sale. Typically, these terms specify the period allowed to a buyer to pay off the amount due and may include cash discounts for timely payment.

Sales Tax

A tax paid to a governing body for the sales of certain goods and services, usually calculated as a percentage of the retail sale price.

General Journal

A comprehensive accounting record of all transactions made by a company, presented in chronological order.