Question 1

The cost of a long-term asset, such as equipment, is transferred to expense as it is used during its life.

Accepted Answer

A) True 
 B)False

Question 2

The balance in the account Accumulated Depreciation, Equipment will

Accepted Answer

A)   be reported on the Income Statement.
B)   be reported on the Statement of Owner's Equity.
C)   will be reported on the Balance Sheet.
D)   not appear on any financial statement.E) C) and D)
F) A) and B)

Question 3

The account credited in the adjusting entry made to record the expiration of a portion of prepaid rent is the ____________________ account.

Accepted Answer

The answer of The account credited in the adjusting entry...

Question 4

All changes in account balances are caused by transactions between the business and another business or individual.

Accepted Answer

A) True 
 B)False

Question 5

If the prepaid expenses are not adjusted, assets on the balance sheet

Accepted Answer

A)   will be overstated.
B)   will be understated.
C)   will not be affected.
D)   may be either overstated or understated.E) All of the above
F) A) and D)

Exam 5: Adjustments and the Worksheet

The balance in the account Accumulated Depreciation, Equipment will

Correct Answer
verified

All changes in account balances are caused by transactions between the business and another business or individual.

Correct Answer
verified

If the prepaid expenses are not adjusted, assets on the balance sheet

Correct Answer
verified

The cost of a long-term asset, such as equipment, is transferred to expense as it is used during its life.

Correct Answer
verified

The account credited in the adjusting entry made to record the expiration of a portion of prepaid rent is the ____________________ account.

Correct Answer
verified

Exam 5: Adjustments and the Worksheet

The balance in the account Accumulated Depreciation, Equipment will

Correct AnswerverifiedShow Answer

All changes in account balances are caused by transactions between the business and another business or individual.

Correct AnswerverifiedShow Answer

If the prepaid expenses are not adjusted, assets on the balance sheet

Correct AnswerverifiedShow Answer

The cost of a long-term asset, such as equipment, is transferred to expense as it is used during its life.

Correct AnswerverifiedShow Answer

The account credited in the adjusting entry made to record the expiration of a portion of prepaid rent is the ____________________ account.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified