Andrew Grove Free Essays

Intel Corporation is one of the world heads as far as microchip and chip creation. They set out on a crucial remaining in the top and even planned a methodology on investigating different types of business sectors like that of computerized wellbeing and remote applications. They have additionally been known to manufacture tie-ups with pioneers of the imminent markets they are investigating. We will compose a custom article test on Andrew Grove or on the other hand any comparable subject just for you Request Now They have tied up with web crawler Google for the remote application for instance. Essentially, Intel tasks are partitioned into two areas: the interchanges gathering, known as ICG or Intel Communications Group; and the other segment comprises of the Intel Architectural business. The compositional segment is answerable for the creation of â€Å"platform† sheets that comprises of chipsets and microchips, which are utilized in work area processors; including the Intel Pentium 4 processor and the Celeron. Then again, the interchanges area manage the creation and improvement of remote innovation. They are generally worried about blaze memory and cell base-band innovation. Intel is additionally known for huge scope tie-ups with different firms. Case of such is their tie-up with internet searcher Google for improvement of remote advances. They are additionally know to be associated with different firms like Microsoft and Dell. Be that as it may, rivalry has been believed to make up for lost time with the initiative goodness Intel. As of late, a great deal of rackets have been heard in the ongoing choice of present CEO Paul Otellini revealed his arrangement to deliver the smaller scale chip partnership to another industry. While the rest had their issues with it, previous CEO Andrew Grove is all gestures of recognition for it. The present CEO’s vision is to by and large change the picture of Intel beginning from what Andrew Grove for all intents and purposes manufactured. Beginning from the rejecting of the renowned â€Å"e† trademark of the logo, the organization proverb and even the brand, the organization has been imagined to experience a change. A great deal of chiefs appear to be against the changing of such things that made Intel an easily recognized name. Indeed, even the logo has been broadly known in all pieces of the globe. In the interim, Andrew Grove has been vocal about his endorsement of the said changes. As he would like to think, they are of a similar line of reasoning that the current CEO has, that the organization truly needs to experience these adjustments with the goal for the to tell the world that even Intel is acclimating to the quick paced development of the business and that they, as an organization, ought to be at equivalent balance with the remainder of the organizations in the equivalent industry.â He further anxieties that it is a basic for the organization to show that the organization displays a demonstration of hazard taking and result direction, joined additionally by the estimation of order. Previously, under Grove’s oversight and Craig Barrett (Grove’s replacement), the organization concentrated on the creation of chip and started to lead the pack in that industry for a considerable length of time. They helped bring forth the Information Age by creating more microchips and thusly, delivering quicker PCs and completion in the advancement of small scale preparing. Be that as it may, what Otellini had as a primary concern is a long way from the previous picture of Intel, taking into account that he even needed to change the logo and friends image. He needed to wander into unknown districts of computerized wellbeing industry and that of â€Å"platform† innovations. Notwithstanding the negative perspectives about Otellini’s choice, Analysts from outside the organization have refered to different perspectives about the subject, expressing the way that occasionally, change is required for a major organization to keep up strong preferred position. They likewise included that different organizations that endure the progressions kept up industry administration, much the same as what befell Texas Instruments. In any case, the opposite side notes that it isn't generally that prudent to change their objective industry and discover a specialty in different markets, in spite of the fact that they have initiative in the business they would leave. Adding capability to the capability of the pundits, Intel’s contender, AMD (Advanced Micro Devices) Inc., have scored a significant point against Intel as it bested the organization as far as utilization as AMD Inc rose to a higher rate in 2003 and examiners see that it would keep on ascending against Intel except if Intel discharges another serious line of processors later on.. In the remote correspondences field, Texas Instruments and Qualcomm Inc are as yet standing their own ground against Intel’s progresses. Likewise, the two organizations are wanting to discharge their own variants of the stage that they guaranteed, would acquire portions of the market than the new Intel is attempting to fabricate a specialty on. Then again, numerous individuals are acclaiming Otellini’s vision of the new Intel, expressing that they have never observed such a great amount of development in innovation concerning their fields, particularly that of medication. Additionally, individuals have really observed the development of the organization, demonstrating guarantee for an entire assortment of new plans that are in progress. Not exclusively did the plans help organization attaches with different organizations, yet in addition made their accomplice organizations trust in the new adaptability of Intel. They advanced nearer attaches with mobile phone combinations Nokia and Samsung; had present tie-ups with Google; attaches with Sony and Philips; and with those ties, Intel had the option to deliver and discharge various sorts of imaginative items. There various improvements have diverse market responses. Some creating incredible outcomes, others not. In any case, experts are directly in bringing up that different organizations that are industry pioneers likewise experienced changes that appeared as though they are going no place, in spite of the fact that at long last, they have demonstrated that their change would really pay off. Furthermore, presently, Intel took their lead and in the end accepting a few changes in themselves too. The issue would be, on the off chance that they can keep up the constructive outcomes and dispense with the negative impacts of the changes. With respect to their choice of making the organization over, It is. The industry’s response to it appeared to regard the choice as a savvy move also. Opponent AMD Inc made a few arrangements with ATI, and this indicated Intel delivered a greater danger than previously. Additionally, the aftereffect of other promoting methodologies in the arrival of the new items demonstrated that Intel can truly stand its ground against the opponents in the ventures that they have entered. They additionally demonstrated that they can keep up the authority in their industry, and even rebuilt themselves into a more genuine danger than that of previously. Nonetheless, not all choices exclusively produce great impacts. The negative impacts in this manner ought to be managed likewise. Otellini didn't make a terrible move and he guaranteed that he would deliver great outcomes which he did, despite the fact that in the process almost embarrassing the organization as he endured close to misfortunes and keep on being behind Texas Instrument in different fields. Intel settled on a decent choice remotely as well as settled on advancement choices inside, dealing with their workers better and offering opportunities to different fields like medication to be at a similar level as that of the specialists, the capability of Intel previously. May be this was a factor in Otellini’s condition that he concocted for organization development. All things considered, Intel has made a noteworthy move from the manner in which it was thirty seven years prior. It additionally left from the family figure that we perceived. Despite the fact that this an intense move in there part and a somewhat dangerous one considering the old model is one of the principle reasons why Intel made it to the top. In Otellini’s, and now Intel’s conviction, It is one hazardous move that was intended to keep up administration and increase focal points in different fields that they would seek after later on. The market and business world would need to watch out as Intel’s new look will undoubtedly remain, as is their new standpoint in the business fights. Lists of sources Intel Corp. Organization Profile. Hurray! Fund. Recovered October 26, 2006. (http://biz.yahoo.com/ic/13/13787.html) Intel Corporation. PC Business Review Online. Recovered October 26, 2006. (http://www.cbronline.com/companyprofile.asp?guid=E82C088A-0488-4DB5-8953-9E316C2B44D1CType=Background) The most effective method to refer to Andrew Grove, Essay models

Julian Beever free essay sample

Julian Beever is the best asphalt craftsman Julian Beever is an English craftsman that makes dreamlike chalk drawings on asphalt surfaces. His craft is once in a while so persuading that individuals evade potholes he has drawn on an asphalt. His epithet is the asphalt picasso. His chalk workmanship can take days to make however just keep going for a brief timeframe in the wake of being stepped by people on foot or pulverized by the components. His craft keeps on living, notwithstanding, by photos taken at that point. Julian found his ability as a craftsman during the 1980s. The craft of making a picture that looks genuine is called trompe loeil. He has worked in the UK, Belgium, France, The Netherlands, Germany, Austria, the USA and Australia. There is by all accounts a typical networking email letter delineating his specialty. This in certainty is the thing that propelled me to make this squidoo page. He used to work in Punch Judy appear and that is the place he saw other asphalt craftsmen that roused him to attempt it. We will compose a custom article test on Julian Beever or on the other hand any comparative subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page The 3D viewpoint came later: I chose to get into 3D subsequent to seeing the impact of tiles being expelled from the road, and later attempting to reproduce the feeling of profundity in a drawing.How is this radiant workmanship made? His specialty is made with chalk. To begin with, similar to a capable engineer, he first plans his manifestations on paper. When he begins, Julian places a camera a good ways off of the craftsmanship and continues watching it through the perspective of the eye. The explanation is basic: the camera has a wide calculated focal point that can make an optical ilusion that can twist the real size of articles. I think on the grounds that as far as possible what your mind can do, he stated, it restricts the cerebrums capacity to pass judgment on separation, it makes you just utilize one eye.And in this manner you can cause the cerebrum to accept stuff that else it wouldnt accept. This is what is known as anamorphism. When he begins on his creation, he goes to and fro from his craft to the camera two or three hundred times to increase point of view. When its made, the outcomes will seem exceptional as confirm in the photographs on this focal point. it will gradually vanish because of nature. He isn't stressed over it vanishing, since he and a huge number of others can catch photos of his creation that will perpetually live in the web More about his lifeThere isn't significantly more about Julians life, when defied with private inquiries, for example, what amount do you make from this? , he won't react or overlook you, he would prefer to examine inquiries concerning his craft. In general, Julian is exceptionally appreciative to the web on the grounds that else he would not have gotten the opportunity to demonstrate all his craft to a large number of individuals and increase the notariety he well merits. Its that photo that goes on the Internet. At that point a huge number of individuals will see it. It will be there until the end of time. It doesnt disappear, really.The drawing on the ground is only a vehicle. Asphalt Picasso stuns people on foot with 3D magnum opuses In full perspective on spectators in a London road the caped crusaders Batman and Robin scale the side of a consuming structure to protect universal craftsman Julian Beever, who is roosted on the edge of the asphalt. The superhuman scene is crafted by the man named the asphalt Picasso for his ability at making staggering pictures on the walkways of regular areas around the globe. The 46-year-old craftsman, who is situated in Belgium, has burned through a large portion of the previous 20 years painting with chalk to create shocking 3D pictures which blend reality in with dream to trick the eyes and stunt the brains of passers-by. From monster cola containers to swimsuited animation sunbathers, Beever has become well known making figments around the globe, from Australia to the US and the vast majority of the significant European nations that fall in between.When saw from specific points, Beevers unpredictably itemized chalk draws make a persuading impression regarding profundity on the level surface of clearing stones. From different viewpoints, be that as it may, his drawings show up oddly twisted and look to some extent like their expected picture. To build his deceptions Beever, initially from Melton Mowbray in Leicestershire, utilizes a camera focal point to assist him with controlling the picture on the level surface to show up more realistic.By utilizing procedures of viewpoint spearheaded by specialists, for example, Leonardo da Vinci in the fifteenth century and Hans Holbein in the seventeenth century, Beevers anamorphic workmanship mixes reality with craftsmanship to trick the natural eye into seeing a picture that doesnt genuinely exist. The human cerebrum works out 3D pictures dependent on the data it gets from the 2D light examples that fall on to the retina at the rear of the eye. When added to the cerebrums information and experience of how equal lines unite out yonder and articles appear to be bigger the closer they are, Beever adjusts those viewpoints to make his illusions.Beever got intrigued by asphalt workmanship while working with a Punch Judy appear in York during the 1980s, when he previously went over crafted by different experts. I chose to get into 3D in the wake of seeing the impact of tiles being expelled from the road, and later attempting to reproduce the feeling of profundity in a drawing, he once clarified. Every one of his manifestations can take as long as three days to finish and, by their temperament as road craftsmanship, are rarely perpetual. On the off chance that it downpours it implies Ive done a ton of difficult work for little more than, I as a rule figure out how to maintain a strategic distance from that, he said.His most popular works photos of which are broadly accessible on the web incorporate a profound pool so reasonable tha t customers turn to stay away from it, a wellspring in a person on foot walkway and a 3D drawing of the Earth that was utilized to feature the Make Poverty History crusade. Notwithstanding his 3D craftsmanship Beever likewise paints wall paintings, reproductions of old bosses, oil works of art and compositions. He is frequently charged by business associations or gatherings hoping to feature a specific battle or message. My craft is for anyone, its for individuals who wouldnt go into a craftsmanship display. Its specialty for the individuals, he said.

What are Prepaid Expenses

What are Prepaid Expenses Some stories don’t end up the way they were meant to be. If you want things to be as they are, you need to know how to plan ahead. Whether it’s your life or your business, you need to take into account future payments, for instance.Unless you prepare well, you could get into a financial rut, one you would most likely want to avoid.And that’s what prepaid expenses are all about. It helps you stay ahead, and prepare from before.Let’s say you recently bought a car and paid insurance for it.The insurance isn’t going to help you right now. You will benefit if you meet with an accident or any unforeseen incident in the future. Or, you may claim the insurance if you want to replace an expensive part of your car.Insurance, however, is just one of the types of prepaid expenses. Even though they are a liability, in the beginning, they become beneficial over a long period of time.    Businesses will want to have enough prepaid expenses to cover future payments, and have the money rea dy when you need it.You will need to report it on the balance sheet, and only when the asset expires will you need to write it on the expense sheet.Confused as to how that happens?Read on, as we talk about all the prepaid expenses that your company needs to deal with, and the income statement that you need to make.After all, just understanding the management expense ratios isn’t going to help you when it comes to having a successful business.HOW DO PREPAID EXPENSES HELP YOU IN YOUR BUSINESS?  Do you own company vehicles? We are sure you have vehicle insurances for them. The prepaid expense will refer to the yearly insurance payment in advance that you have made for all the vehicles.So, your income statement for the year will actually have one twelfth of the amount you have prepaid at a time, and will be debited to the insurance expense head.These expenses are valid only for a limited amount of it. In the business world, a prepaid expense is considered as an asset. Only when the as set goes unused during its validity period, it is considered as an expense.For example, you paid $1,000 as your car’s insurance premium for two years, but you didn’t use it. You will not get the money back. After the insurance expires, you have to renew it, which is the usually same amount as the previous premium you paid.Here is a look at another example of a prepaid expense. In business terms, a prepaid expense is money you pay in the present for services or products that will be used in the future. You can pay for a prepaid expense in the current financial year and use it in the next financial year until and unless it is valid.Prepaid expenses are subject to time and affect a company’s balance sheet and income statement. They are balanced at the end of the company’s billing period, which can be monthly, quarterly, half-yearly, and yearly.DIFFERENT TYPES OF PREPAID EXPENSESWhen you talk about prepaid expenses, you talk about accounting, which makes it a purely business ter m. Companies use it as a part of their balance sheet to identify its profits and losses.Insurance is just one of the prepaid expenses that you pay. Let’s take a look at the remaining types of prepaid expenses. 1. Legal feesLawyers and companies enter a retainer agreement, which binds them together in a business contract. The companies have to pay retainer fees to the lawyer as a sign of appreciation, which is calculated in terms of the professional services the lawyer will offer in the future.When the business renders a service, the amount is deducted from the prepaid credit tab and added to the legal expenses account.2. RentMany commercial rent agreements ask businesses to pay the first and last month’s rent along with the deposit to make the contract valid. Just like legal fees, when the first month is over, the prepaid rent amount is transferred from the credit tab to the rent expenses account.The same transaction takes place during the last month of the lease period. Rent pa yment of the months in between is typically paid after the month ends.3. TaxCorporate firms pay quarterly estimated tax to reduce the tax liability at the end of the financial year. Even though companies have to pay the amount, it is considered as a prepaid tax until they make the final tax payment.Businesses do this to reduce the work at the end of the year so that they can concentrate on the core business activities. The accounts are cleared quarter-wise and the process is a lot faster.4. Utility billsUtility bills include water, gas, and electricity bills but are usually charged at the end of the month, depending on how much you used each of the resources.However, corporate firms go for prepaid utility bills, wherein they pay for a fixed usage at the beginning of the month or decided period. It like paying for an internet plan, which you have access to only after paying the fees.5. SuppliesCompanies have to pay in advance when they order supplies in bulk quantity. It is recorded as a prepaid expense until the company receives the stock.6. InsuranceInsurance is purchased with the intention of safeguarding the company’s assets. If the company paid $1,200 for one year’s insurance, it is divided into 12 months. In the beginning of the year, the whole amount is put under the prepaid expense tab.After one month, $100 is transferred to the insurance expense tab. As every month passes, $100 keep getting transferred until it is time to renew the insurance.Cash management seems to be the keyword here.WHY DO YOU CONSIDER PREPAID EXPENSES AS ASSETS?Every aspect of business is important, whether it is understanding financial ratios or the money you’ve to incur every year.Like we explained before, a prepaid expense is something you have already paid for either partially or completely and haven’t used yet. It is valid for a limited period of time, during which you can take its benefit. Any expense that hasn’t expired and can be used in the future is termed as an asset on the balance sheet.For example, you want to claim insurance on the electronics used in your office that were damaged because of a rainstorm. The insurance company will pay for the new electronics. You won’t have to take out any money from your pocket. You can consider prepaid expenses as emergency funds that offer relief during times of distress. When the time limit expired, it is moved to the expense section.Let’s talk about something more simple. You have to fly from Miami to Chicago, where your family stays, during Easter weekend and you book an airplane ticket for it. You make the payment and receive an email about it. The booking that you made in advance is an asset. When you go to the airport and show the ticket, you will be directed towards your flight. Your flight booking is a prepaid expense that you made to visit Chicago.If you would have directly gone to the airport on Easter morning and booked a flight, which leaves in two hours, you didn’t make a prepaid expense. You booked at the time of check-in and flew to Chicago.Many people get confused between a liability and an asset. They put a prepaid expense as a liability, but that is a wrong consideration. A liability is an unpaid or outstanding expense, which you pay after you receive the service. One good example of liability is the utility bill that you have to pay after calculating meter readings.RECORDING PREPAID EXPENSES IN YOUR BALANCE SHEETYou can divide the process of recording prepaid expenses into two parts journal entry of the prepaid expense and adjustment.Journal entry of the prepaid expenseStep 1. You, the company, receive an invoice from the supplier and verify it with the concerned team members. They go through the terms of the agreement and judge it against their assets and company requirements.Once approved, you notify the supplier that you are ready to enter the agreement. For example, an insurance company sends you the invoice of $1,000 as a yearly insurance payment .Step 2. Both parties sign the agreement, and you make the payment and receive a receipt of an acknowledgement from the supplier.Step 3. Add it under insurance in the prepaid expense tab, which falls under the assets category. Make sure you match the revenues with prepaid expenses because it becomes convenient to tie back the two in the future.Adjustment of the prepaid expenseAt the end of every accounting period, which can be monthly, quarterly, or annually, settle the prepaid expenses with the expense account. When it comes to insurance, you usually divide it into 12 months and deduct from the prepaid expense and add to the expense account as the time goes by.In this part, you only adjust the expense, so there are no additional costs. Verify all accounts to make sure that is settled and match the expenses and revenue generated.TIPS TO MANAGE PREPAID EXPENSESHandling prepaid expenses can be challenging because they are easy to forget and take a lot of efforts to track over the peri od of time. Here are some tips that will help you while managing prepaid expenses:Don’t record small prepaid expensesIt is best to not mention small prepaid expenses like stationery you order monthly because they are difficult to track. You will have to do a lot of back and forth, which is a huge waste of time.Mention them in the balance sheet when you receive the order under the expense account. If you still want to record the small prepaid expenses, you can create a separate chart when you mention all the payment but don’t add them in the balance sheet until you receive the products or services.Make multiple categoriesPrepaid expenses are put under the asset category. To make sure you maintain a proper record, divide the prepaid expenses into sections and subsections according to their nature.If your company has three insurances, for example electronic insurance, business insurance, high-level management insurance, list them all separately, so you don’t have to worry about what money went where.Other sections you can make under prepaid expenses include prepaid tax, utilities, supplies, and anything major you pay for in advance.Set alarms for transactionsIt is easy to forget the date to make transactions from prepaid expense to expense account. The best way to remember it is by setting the alarm or reminder for it at the very beginning. It takes away the stress and gives you more time to concentrate on ways to improve your company and bring in more business.Set up a recurring journal entryA journal is a document that you use to record all transactions. When you make the transaction from prepaid expense to expense account, mention it as a recurring entry in a journal. It will help you to cross check and settle the accounts at the end of the year.WAYS TO RECORD PREPAID EXPENSESThe type of recording a company goes for, completely depends on the nature of the business and legal advice it received. It directly affects the company’s financial records.Accru al accountingIn accrual accounting, the company records expenses as and when they are utilized. In other words, the company doesn’t add any prepaid expense to their balance sheet when the money is transferred to the service provider. For example, if the company paid an entire year’s rent, which cost it $24,000, the company will add $2,000 under the rent expense tab at the end of a particular lease mThis method aims at reducing the back and forth you have to do if you practice the cash accounting method.Cash accountingThe cash accounting method is the traditional method in which you record the payment under prepaid expenses as soon as transfer the money. Its action doesn’t concern if you received the service or products as promised by the seller.Traditional companies choose to follow the cash accounting method because it helps them remember the expenses incurred. However, startups are often going for the accrual account method. The primary reason remains that it requires less w ork. In such circumstances, the company keeps a journal for all the prepaid expenses.BENEFITS OF A PREPAID EXPENSEPracticing the art of prepaid expense offers only two but crucial benefits. Let’s take a look at the benefits:Tax deductionA tax deduction is the biggest advantage of the prepaid expense practice. When you mention it as an asset on your balance sheet, you pay the tax for it in advance. You also receive certain tax benefits when you invest in an insurance policy.SavingsMany corporate firms prefer to pay the pay an entire year’s rent in advance as it lets them avoid future expenses. The company pays the amount at the current rate and is not subject to future increase in the price. You end up saving a lot of money, which is helpful during times of inflation.SHORT-TERM AND LONG-TERM PREPAID EXPENSES ASSETSA company typically divided prepaid expenses under two categories depending on its duration. All prepaid expenses that have a validity of 12 months or less are consider ed as short-term expenses. On the other hand, long-term prepaid expenses are all expenses that were made for longer than 12 months.Companies only mention 12-month expenses of long-term prepaid expense assets in the net working capital calculation. The remaining amount and months are carried over to the next year.DIFFERENCE BETWEEN PREPAID EXPENSE AND DEFERRED EXPENSEThe deferred expense is a prepaid expense that you use over a year after you make the payment. It is usually mentioned as a long-term asset on the yearly balance sheet.On the other hand, a prepaid expense is something that you use up within a year. If a company doesn’t use the categories short-term and long-term prepaid expenses assets on the balance sheet, they replace it with the prepaid expense and deferred expense.Common deferred expense examples include legal fees and rent paid for over a year. Let’s take an in-depth look into the world of deferred expense.Your company wants to set-up a new cookies manufacturing unit and hires a law firm for looking for the legality. Both parties agree to draw a contract of $250,000 for ten years, which includes the legal consultation fees. You will have to pay the entire amount as soon as you enter the agreement and put it under the deferred expense tab.After a year passes, you only deduct $25,000 from the deferred expense tab and put it under the legal expense tab. The remaining amount, which is $225,000, is still considered as the company’s deferred expenses.Some companies prefer to manage their balance sheet on a half-yearly basis. In such circumstances, the insurance premium that you pay for a year is put under deferred expense. Half of the amount is transferred under the insurance expense chart in the half-yearly balance sheet.Other terms for deferred expenses include non-current expenses and long-lived expenses. Companies use these terms simultaneously to define deferred expenses, but they all mean the same thing. This also means that over time de ferred expenses become prepaid expenses as its timeline shrinks.Deferred expenses are different from deferred revenue as the latter term means payment the business receives for its products or services before the customer receives them. For example, you order a dress online for your daughter and pay using your credit or debit card. The fashion brand sends you the dress only after it receives the payment.DIFFERENCE BETWEEN ACCRUED EXPENSES AND PREPAID EXPENSESAccrued expenses and prepaid expenses are exactly the opposite to each other. While a prepaid expense is something that you pay in advance, an accrued expense is something that you pay for after receiving the products or services. Examples of accrued expenses include salaries, postpaid utility bills, and credit card payments.Accrued expenses are usually a part of the business to business transactions. Accrued means on interest or on loan. Also known as a credit transaction, these type of expenses are done when one business uses products or services of another but doesn’t pay the money immediately. The company doesn’t receive an invoice for it. Accrued expenses are put under current liabilities tab in the balance sheet along with the company’s other short-term liabilities.For example, a company XYZ has 15 employees, and their total monthly salaries account for up to $1,500,000. At the beginning of the month, the company will put Monthly Salaries under Current Liabilities in the balance sheet. After the payments are made on the last day of the month or during the first week of the next month, the company shifts the amount from Current Liabilities to Salary Expense. The account is all clear, and XYZ sends a payslip to the employees as a confirmation of the payment.Other examples of accrued expenses include office supplies bills, interest on a loan, and income tax. Immaterial expenses like audits and inspections don’t come under the accrued expenses category because they are difficult to track and need back and forth journal entries. Accrued expenses are often confused with accrued revenue, which stands for the money earned in one accounting period but paid for in the next period. In other words, the seller recognized the sell but doesn’t raise an invoice until the next period. Accrued revenues are very rare in the manufacturing world as payment is made once the quote is finalized.This type of revenue is common in freelancing. For example, a freelance writer is working on a company’s brochure, which has a deadline of 45 days. Before the work begins, the two parties decide that the freelancer will receive $650 for the work. Only after the services are rendered and the 45 days are over, the freelancer can raise the invoice and receive the payment.CONCLUSIONIn this article, you learned everything about the prepaid expense, which includes what is a prepaid expense, different types, ways to add the expense to the balance sheet, and how to adjust it.A prepaid expense is an old prac tice and is known for its two big benefits, which are tax deductions and savings. You also learned the difference between prepaid expense and deferred expense along with the difference between prepaid expense and accrued expense.