Classify the following items as: (1) prepaid expense, (2) ...

[FButt]

Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue. a) Fees received but not yet earned b) Fees earned but not yet received c) Paid premium on a one-year insurance policy d) Property tax owed to be paid beginning of next year

Question 2

______________________________ are repositories of relatively permanent data maintained over an extended period of time.
 Fill in the blank(s) with correct word

[LP]

Answer to Question 1

a) (2) unearned revenue
b) (4) accrued revenue
c) (1) prepaid expense
d) (3) accrued expense

Answer to Question 2

Master data

[FButt]

Thanks for the timely response, appreciate it

[amit]

YES! Correct, THANKS for helping me on my review