Match the following terms with the appropriate definitions below. Some terms are used more than once
a. Accrued revenue
b. Accrued expense
c. Deferred revenue
d. Deferred expense
_____ 1. An end of period adjustment to recognize office supplies used during a period
_____ 2. An end of period adjustment to recognize employee salaries earned but unpaid
_____ 3. An end of period adjustment to recognize depreciation on certain long-term assets
_____ 4. An end of period adjustment to recognize prepaid insurance used up during a period
_____ 5. An end of period adjustment to recognize prepaid rent used up during a period
_____ 6. An end of period adjustment to recognize interest costs incurred but unpaid
_____ 7. An end of period adjustment to recognize earnings related to work done but not yet billed
_____ 8. An end of period adjustment to recognize the amount of unearned revenue earned as of the end of the period
d, b, d, d, d, b, a, c
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Land disputes over the Spanish and Mexican land grants were settled by
a. the Board of Land Commissioners b. the State of California c. the Spanish legal code d. taking all land for public use
Electro Inc was trying to avoid going bankrupt so it filed a Division 1 Proposal. The secured creditors voted 100% to accept Electro's proposal. When the unsecured creditors voted though only 50% of them voted to accept Electro's proposal
As a result A) Electro can submit a new proposal B) Electro can avoid bankruptcy because the secured creditors accepted its proposal C) Electro can stay in business but the unsecured creditors must be paid off in full first D) Electro will now automatically go bankrupt E) the Trustee will have to negotiate a new proposal that all the unsecured creditors will agree to