One type of deferral adjustment reduces the balance in a(n)________ account on the balance sheet and transfers that reduction into a(n)________ account on the income statement.
A)asset;expense
B)asset;revenue
C)liability;expense
D)liability;asset

Question

Quizplus · Accepted Answer

This type of deferral adjustment involves reducing an asset on the balance sheet and increasing an expense account on the income statement.

One Type of Deferral Adjustment Reduces the Balance in A(n)________