For Each Transaction Select the Letter of the Type of Adjustment

question 157

Multiple Choice

For each transaction select the letter of the type of adjustment that would be required
-The cost of supplies used during the current year is determined and recorded

• A)Deferred expense
• B)Deferred revenue
• C)Accrued liability
• D)Accrued asset

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Definitions:

Independent Events

Events whose occurrence or outcome is not influenced by the occurrence or outcome of another event.

P(A and B)

The probability that both events A and B occur.

P(A)

The probability of event A occurring, an elementary concept in probability and statistics.

P(B)

The likelihood that event B will happen.