(a) Explain the differences between accrued revenues and unearned revenues. (b) Explain the differences between accrued expenses and prepaid expenses. (c) Give an example of each

(a) Accrued revenues are revenues that have been earned but not recorded in the accounts. Unearned revenues are payments that have been received for services or goods to be provided in the future.
(b) Accrued expenses are expenses that have been incurred but not recorded in the accounts. Prepaid expenses are expenses for which payment has been made and for which economic benefits will be enjoyed in future accounting periods.
(c) Accrued revenues - unbilled services on account
Unearned revenues - rental payments received by a landlord in advance
Accrued expenses - unpaid wages due to employees
Prepaid expenses - insurance policy purchased to cover future periods