Question 1 Accrued expenses are; Current Liabilities O Assets O Current Assets O Liabilities Question 2 Prepaid revenue is; Liability O Assets O Current Liability O Current Assels Question 3 Accumulated depreciation is; O Liability O Long-term investment O Asset O Contra-Assets > Question 4 When the firm acknowledges that an amount becomes irrecoverable then Bad debts account is debited to.... O Cash Trade receivables O Bank O Loss Question 5 Discount received is a.......... O Loss Liability O Gain Expense