Ch 03 Quiz Saved C Qu. 150 which of the following statements is ich of th follow

Question

Ch 03 Quiz Saved C Qu. 150 which of the following statements is ich of th following statements is Incorrc? Multiple Choice Adjustments to prepaid expenses and unearned revenues involve previously recorded assets and l Accrued expenses and accrued revenues involve assets and liabilities that had not previously been recorded. Adjusting entries can be used to record both accrued expenses and accrued revenues Prepsid expenses, depreciation, and unearned revenues often require adjusting entries to record the effects of the passage of time Adjusting entries affect only balance sheet accounts

Explanation / Answer

Accured expense and accrued revenue involve Liabilities and assets which has not previously been recoreded.

Hence statement 2 which state other wise is incorrect. Rest all statement are correct.

Answer = Accured expense and accrued revenue involve assets and liabilities that has not previously been recoreded.

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