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12. The method wherein prepaid expenses are initiallyrecorded into the expense account is called the____________ approach.13. Under the ____________ basis of accounting, revenuesare recorded in the period of receipt and expenses in theperiod of payment. This method is generally regarded asbeing inferior to the ____________ basis of accounting.1. For purposes of measuring business income, the life of abusiness is:2. Adjusting entries at the end of an accounting period wouldnot be required for which of the following