?Financial Accounting Discussion.
Question Description
Financial Accounting is defined as the Bookkeeping of the Financial transactions by classifying, analyzing, summarizing, and recording financial transactions like Purchase, Sales, Receivables and Payables and finally preparing the Financial Statements which includes Income Statement, Balance Sheet & Cash Flows.
Explain why firms often encounter the need to account for prepaid assets and unearned income and related adjusted entries. 200 words
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