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Q 4 Provide clear, concise answers for the following. (4 points) 1. What is the accrual basis of accounting? 2. What is an accrued expense?

Q 4 Provide clear, concise answers for the following. (4 points)

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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