The method wherein prepaid expenses are initially

12. The method wherein prepaid expenses are initially
recorded into the expense account is called the
____________ approach.
13. Under the ____________ basis of accounting, revenues
are recorded in the period of receipt and expenses in the
period of payment. This method is generally regarded as
being inferior to the ____________ basis of accounting.
1. For purposes of measuring business income, the life of a
business is:
2. Adjusting entries at the end of an accounting period would
not be required for which of the following