Which of the Following Statements Is Not Correct

question 36

Multiple Choice

Which of the following statements is not correct?

• A) Uncollectible Accounts Expense is a contra asset account.
• B) The cost less the salvage value equals the depreciable base of a long-term asset.
• C) Each adjustment for an accrued expense includes a credit to a liability account.
• D) If a firm records prepaid expense items in an expense account when they pay for them,their adjustment at the end of the period to record the unexpired portion would include a debit to an asset account and a credit to an expense account.

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Definitions:

Cognitive Factors

Refers to the mental processes involved in gaining knowledge and comprehension, including thinking, knowing, remembering, judging, and problem-solving.

Kelly

Referring to George Kelly, a psychologist known for his personal construct theory which posits that individuals interpret the world through their own constructs.

Life Narrative

The story of a person's life, told by themselves or another, highlighting significant events and experiences.

Unified Purpose

A shared or collective intention among a group or individual, driving toward a common goal or outcome.