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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Answer:
Corruption is one of the most dangerous core problems of our society which is ruining our nation's future.
Explanation:
Yes, it is true that one of the main ideas of economics is that every choice made involves a cost, since we live in a world of limited resources.
They have way different laws. The marriage laws are different girls can be arranged to marry with out consent. How the women dress. There crime and punishments are different. What religion they are allowed to worship.
The correct answer is: A. An organization devoted to eating business regulations through lobbying work.
This type of organization is a professional interest group that would likely be well funded with lobbyists.
