Which of the Following Statements Is Incorrect

question 102

Multiple Choice

Which of the following statements is incorrect?

• A)Adjustments to prepaid expenses and unearned revenues involve previously recorded assets and liabilities.
• B)Accrued expenses and accrued revenues involve assets and liabilities that had not previously been recorded.
• C)Adjusting entries can be used to record both accrued expenses and accrued revenues.
• D)Prepaid expenses,depreciation,and unearned revenues often require adjusting entries to record the effects of the passage of time.
• E)Adjusting entries affect only balance sheet accounts.

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Definitions:

Electoral College

A body of electors established by the United States Constitution, tasked with electing the president and vice president of the United States.

Presidential Elections

The process by which a country’s voters select the President, typically through either direct vote or an electoral college system.

Popular Vote

The total number or percentage of votes cast by voters in an election, as opposed to the electoral vote in systems like that of the United States.

Utah

Utah is a state located in the western United States, known for its vast expanses of desert and the Wasatch Range mountains. It is also renowned for its significant Mormon history and as a center for outdoor recreational activities.