Ifarealestatecompanyfailstoaccruecommissionrevenue,
A. assetsareunderstatedandnetincomeisunderstated.
B. liabilitiesareoverstatedandowners’equityisunderstated.
C. revenuesareunderstatedandnetincomeisoverstated.
D. netincomeisunderstatedandstockholders’equityisoverstated.
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Allofthefollowingstatementsaretrueexceptone.Whichstatementisfalse?
Accrualaccountingproducesbetterinformationthancash-basisaccounting.
B. Adjustingentriesarerequiredforabusinessthatusesthecashbasis.
C. Thematchingprincipledirectsaccountantstoidentifyandmeasureallexpensesincurredanddeductthemfromrevenueearnedduringthesameperiod.
D. AfiscalyearendsonsomedateotherthanDecember31.
TheaccountUnearnedRevenueisa(n)
A. asset
B. liability
C. revenue
D. expense
Adjustingentries:
A. areneededtomeasuretheperiod’snetincomeornetloss.
B. updatetheaccounts.
C. donotdebitorcreditcash.
D. alloftheabove.
Anadjustingentrythatdebitsanexpenseandcreditsarelatedliabilityis ________
A. prepaidexpense
B. depreciationexpense
C. accruedexpense
D. cashexpense
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