Prepaid expenses are liabilities. ()
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A net loss occurs when revenues exceed expenses. ()
A trial balance prepared after adjustments have been recorded is called a() : ()
A. Classified balance sheet.
B. Adjusted trial balance.
C. Unadjusted trial balance.
D. Post-closing trial balance.
All of the following are true regarding unearned revenues except: ()
A. They are payments received in advance of services performed.
B. The adjusting entry for unearned revenues increases assets and increases revenues.
C. They are liabilities.
D. As they are earned, they become revenues.
Which of the following statements is incorrect? ()
A. Permanent accounts is another name for nominal accounts.
B. Temporary accounts carry a zero balance at the beginning of each accounting period.
C. The closing process applies only to temporary accounts.
D. Real accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence.
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