Question 3 Flashcards by Christopher White

Q

What is a prepayment expense?

A

asset

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Q

What is a prepayment income?

A

liability

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Q

What is a accrual expense?

A

liability

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Q

What is a accrual income?

A

asset

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Q

Discount allowed - DEBIT or CREDIT

A

Debit or expense

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Q

Discount received - DEBIT or CREDIT

A

Credit or income

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