Which of the Following Statements Is Incorrect

question 71

Multiple Choice

Which of the following statements is incorrect?

• A)Prepaid expenses,depreciation,and unearned revenues involve previously recorded assets and liabilities.
• B)Accrued expenses and accrued revenues involve assets and liabilities that were 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 the cash account.

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Definitions:

Reaction

A chemical process in which substances interact to form new products, typically characterized by a change in chemical composition.

Propagation Step

A phase in a chain-reaction mechanism where radicals generate new radicals, allowing the reaction to proceed in a series of subsequent steps.

Free Radical

Highly reactive atoms or molecules with unpaired electrons, involved in many chemical reactions, including those in biological systems.

Chlorination

A chemical reaction that introduces chlorine atoms into a molecule, often used for disinfection or organic synthesis.