ANSWER:
INCLUDE 3 DIFFERENT ASSET CLASSES YOU LEARNED ABOUT THAT COULD BE USED FOR INVESTMENTS, ALONG WITH AT LEAST ONE ADVANTAGE FROM EACH.
EXPLAIN:
THE POTENTIAL RETURN ON ANY INVESTMENT SHOULD BE DIRECTLY RELATED TO THE RISK THE INVESTOR ASSUMES.
Answer:
Type of Adjusment - Status of accounts before adjustment
- Prepaid Expense – Asset Overstated
- Accrued Revenue – Asset Understated
- Accrued Expense – Expense Understated
- Unearned Revenue - Liability Overstated
Explanation:
1. Prepaid Expenses: These expenses paid in advance are considered as an Asset, so they give the right to enjoy a service equivalent to the amount paid in advance. This account is of debtor origin, are debited when an expense is paid in advance, they are credited when the expense paid in advance is consumed.
2. Accrued revenues: income that has been obtained but that at the end of the accounting period has not been collected. The principle is to apply and account for the income from the moment of commitment and consider an inflow of funds for accounting purposes even if it has not been collected.
3. Accrued expenses payable are items of expenditure that have not been recorded or paid and that represent a liability at the end of the period in which it was incurred
4. Unearned Revenue is an unearned service income is an obligation, it is recognized as a current liability.
<em>The understated amounts</em><em> indicate a reported amount as having a lesser balance that it actually does.</em><em> </em><em>On the other hand, </em><em>an overstated amount </em><em>indicates a reported amount as having a bigger balance than actually does
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<span>Lyndsey is asked whether a tomato is a vegetable or a fruit and she has trouble making the distinction, likely because a tomato does not resemble her <u>natural concept</u><u /> of what a fruit is.
We all have natural concepts of what we believe things should look like. So, Lyndsey here knows that apples, pears, oranges, etc. are all fruit, but she doesn't think tomatoes should fall under this category. </span>
A Civil Service worker is a person that is engaged for work in the work of government. They are the clerks, the analysts, the aides for Departments at the Federal, State, and local level.
