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:

Social Networking Sites

Definition: Online platforms that enable users to create personal profiles, connect with friends, family, and colleagues, and share content, fostering social interactions.

Single Login

A user authentication process that allows individuals to access multiple applications or websites using one set of credentials.

Social Channels

Online platforms where users can create, share, or exchange information and ideas in virtual communities.

Commercial Purposes

Commercial purposes involve activities or actions carried out with the intent to generate profit or financial gain, typically within the context of business operations.