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Kierra McNeal
on Nov 14, 2024

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An asset-expense relationship exists with

A) liability accounts.
B) revenue accounts.
C) prepaid expense adjusting entries.
D) accrued expense adjusting entries.

Asset-Expense Relationship

The association between expenses incurred by a business and the assets used to generate revenue.

Prepaid Expense

An expense that has been paid in advance and is recognized as an asset until the service or good is consumed or used in the future.

Adjusting Entries

Entries recorded in journals at the conclusion of an accounting cycle to properly distribute revenues and expenses to the corresponding period.

  • Discern and apprehend the distinct classifications of adjusting entries.
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Lance AlmonteNov 21, 2024
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