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Problem 4b: 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

Problem 4b: 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.

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