Which type of adjusting entry is often reversed on the first day of the next accounting period? Accrual Deferral Depreciation
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Accrual
Deferral
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- Which of the following would appear as a prior period adjustment? Group of answer choices a correction in the calculation of earnings per share of a prior period a material difference between the actual and estimated uncollectible accounts receivable a material loss resulting from the sale of fixed assets which were acquired in a prior period material error in the computation of depreciation expense in the Year 1 that was discovered and corrected in the Year 3Which of the following entries is necessary to close the appropriate depreciation account at the end of the year? A. debit Accumulated Depreciation and credit Income Summary B. debit Depreciation Expense and credit Income Summary C. debit Income Summary and credit Depreciation Expense ○ D. debit Income Summary and credit Accumulated DepreciationA change in depreciation method is to be accounted for in the current year and future years going forward True or False
- Which of the following is not a type of adjusting entry? a. Depreciation of long-term physical assets b. Allocation of unearned revenue c. Correction of an error in the general journal d. Recording of accrued revenueWhich of the following types of errors will not self-correct in the next year? Accrued expenses not recognized at year-end Accrued revenues that have not been collected not recognized at year-end Depreciation expense overstated for the year Prepaid expenses not recognized at vear-endWhat adjusting journal entry is needed to record depreciation expense for the period? A.a debit to Depreciation Expense; a credit to Cash B.a debit to Depreciation Expense; a credit to Accumulated Depreciation C.a debit to Accumulated Depreciation; a credit to Depreciation Expense D.a debit to Accumulated Depreciation; a credit to Cash
- Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR),accrued expenses (AE), or accrued revenues (AR). To record annual depreciation expense.What adjusting journal entry is needed to record depreciation expense for the period? A. a debit to Depreciation Expense; a credit to Cash B. a debit to Accumulated Depreciation; a credit to Depreciation Expense C. a debit to Depreciation Expense; a credit to Accumulated Depreciation D. a debit to Accumulated Depreciation; a credit to CashWhat adjusting journal entry is needed to record depreciation expense for the period? Group of answer choices 1.a debit to Depreciation Expense; a credit to Cash 2.a debit to Accumulated Depreciation; a credit to Depreciation Expense 3.a debit to Depreciation Expense; a credit to Accumulated Depreciation 4.a debit to Accumulated Depreciation; a credit to Cash
- An example of a correction of an error is a change: a. From FIFO inventory valuation to the average method b. In the service life of property, plant and equipment c. From cash basis to accrual basis of accounting d. In the tax assessment related to a prior periodAccumulated depreciation is record on the balance sheet as ___? A. A reduction in corresponding liability B. A reduction to the corresponding asset C. An increase in the corresponding liability D. An increase in the corresponding assetWhich of the following is a temporary account? Depreciation Expense Retained Earnings Accounts Payable Accumulated Depreciation
