Accounting

Provide clear, concise answers for the following: 1) What is the accrual basis of accounting? 2) What is an accrued expense? 3) What is the accrued revenue? 4) What is a prepaid expense? 5) Wh…

There are five categories of accounts utilized/require adjusting entries. 1. Explain and discuss Long-Term Assets and Accrued Liabilities. 2. Why is it important to consider that the item will be…

Think very broadly about accounting, its societal role, and its underlying premises, then provide a general answer to each of the following. (a) What is the role of accounting in society? (b) Is…

Question 1: What exactly is depreciation? Why is it used? Question 2: After graduation, your boss calls you into his office because he knows that you have had a course in financial accounting. He w…

How can I answer questions 1, 4 and 5? I am so confused. I can understand 2 and 3 but the others have me completely lost.