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)
Definitions:
Sample Mean
The sample mean is the average value of a sample of data, calculated by summing all data points and dividing by the number of points.
Random Variable
A variable whose values depend on outcomes of a probabilistic phenomenon.
Population Mean
The average of a set of values or measurements in the entire population.
Standard Deviation
A measure of the amount of variation or dispersion of a set of values, indicating how much the values in a data set differ from the mean.
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