Which of the Following Adjusting Entries Would Not Be Reversed

question 8

Multiple Choice

Which of the following adjusting entries would not be reversed in the following accounting period?

• A)an entry that recognized an accrued expense of the current period
• B)an entry that allocated the expired portion of a long-lived asset to the current year's income statement
• C)an entry that transferred a portion of a revenue account to a liability account
• D)an entry that recognized an accrued revenue earned during the current period

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Definitions:

Liable

Legally responsible or obligated to make restitution or compensation for harm or breach.

Chief Financial Officer

A senior executive responsible for managing the financial actions of a company, including financial planning and record-keeping, as well as financial reporting to higher management.

Accommodation Party

A person who signs a negotiable instrument for the purpose of adding his name and liability to another party to the instrument.

Lend Money

The action of giving money to someone with the expectation that it will be paid back in the future, possibly with interest.