The cash basis of accounting commonly results in financial statements that are less comparable from period to period than the accrual basis()
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Prepaid expenses are liabilities. ()
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.
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