Which of the following statements is not true?
A) Adjusting entries affect the cash account.
B) Adjustments to prepaid expenses and unearned revenues are deferral adjustments.
C) Adjustments for accrued expenses and accrued revenues involve assets and liabilities that had not been previously recorded.
D) Adjusting entries for depreciation of a recorded asset is a deferral adjustment.
Correct Answer:
Verified
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Q121: An example of an accrued expense is
A)
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A) affect only balance sheet
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