What is FALSE regarding prepaid items?
A) Prepaid adjustments typically decrease an expense and increase an asset.
B) Prepaids are items relating to expenses that have been paid in advance.
C) Adjusting entries for prepaids affect an Expense account and an Asset account.
D) The adjusting entry records the amount that needs to be transferred between two accounts,an expense and an asset,to show the amount of the asset that has been reduced or used.
Correct Answer:
Verified
Q10: In QBO,the process for saving adjusting entries
Q11: In QBO,Recurring transactions can be classified as:
Q12: Accrued expenses are:
A)expenses that have been paid
Q13: In QBO,which of the following is TRUE?
A)When
Q14: What is FALSE regarding adjusting entries and
Q15: Which selection below is FALSE regarding Adjustments?
A)Adjustments
Q16: An example of an adjusting entry
Q17: Accrued revenues:
A)are revenues not yet earned but
Q18: What are the four type of adjusting
Q20: What is true regarding Unearned items?
A)Unearned items
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