Which of the following adjusting entries involves the recognition of an accrued expense? a. recording depreciation on a long-lived asset b. writing off the portion of an insurance policy that has expired c. recognition of salaries owed to employees for work done during the current period that will be paid during the next accounting period d. recognition of bad debt losses that are expected to result from making sales on credit terms

Q: Which of the following entries is necessary to close the appropriate depreciation account at the end…

A: In accounting, closing entries are journal entries made at the end of an accounting period to…

Q: Which of the following is a distinguishing characteristic of an adjusting entry for deferrals?…

A: Deferrals are transactions recognized in financial statements in a later period than when they…

Q: Why does the recording of adjusting entries require a bet-ter understanding of the concepts of…

A: Routine revenue and expense transactions are transactions of normal sales, purchases or occurrence…

Q: All of the below are liabilities except: Group of answer choices Amounts owed to employees for work…

A: Asset:- it is items that a company owns or have right to use . Liabilities:- it is obligations that…

Q: The Accountant for the a Company forgot to make an adjusting entry to record depreciation for the…

A: What is Depreciation? In business, the fixed asset is used over a long period. Due to this, there is…

Q: Which of the following would NOT be reflected in the income statement?

A: Income statement- it is a part of financial statements prepared by the company that shows the…

Q: A credit to a liability account a) indicates a decrease in the amount owed to creditors. b) is an…

A: Amount owed  by the company to the outside persons such as suppliers, bank etc are called…

Q: The adjusting entry to record a contingent liability requires a debit to a loss (or expense) account…

A: Contingent liability is a potential liability that arises as a result of past transactions but the…

Q: If a company fails to make an adjusting entry to estimate uncollectible accounts, then this error: A…

A: Effect of failure in making entries results over or understatement.

Q: Failure to prepare an adjusting entry at the end of the period to record an accured expense would…

A: A successful adjusting entry at the end of the period to record an accrued expense would: Increase…

Q: What is the major difference between the unadjusted trial balance and the adjusted trial balance?…

A: An adjusted trial balance is made after all changing or adjusting entries have been posted into the…

Q: Which of the following is NOT an accounting method that would increase the current ratio (currently…

A: Current assets means those assets which will be converted in to cash in near future generally one…

Q: On a Closing Disclosure, the method used to compute adjustments for insurance and taxes is known as…

A: A contract that provides a policyholder with financial protection or reimbursement against losses…

Q: e of an office building B. Depreciation of vehicles C. Maintenance of machinery D. Sales discount…

A: Income statement records income and expenses. It shows the net income or loss of a company for a…

Q: What adjusting journal entry is needed to record depreciation expense for the period? A.a debit to…

A: Adjusting journal entry are entries which are made at the end of every accounting year to record the…

Q: According to AASB110, which of the following is an adjusting event? Select one: a. All of the above…

A: As per AASB 110, the events that provides the evidence of the conditions that are in existence at…

Q: Expenses recognized in the wrong accounting period: What does it mean when a company may delay…

A: Delaying the recognition of an expense by recording it as an asset is a common accounting practice…

Q: a correction in the calculation of earnings per share of a prior period   a material difference…

A: Prior period adjustments are adjustments made to periods that are not current but have already been…

Q: The adjusting entry for a bad debt expense has a debit and credit to what account.     Bad debt…

A: Bad debts also called Uncollectible accounts expense is monetary expense which is due on creditor of…

Q: For journal entries 1 through 10, identify the explanation that mostly closely describes it. A. To…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.