An Adjusting Entry That Increases an Asset and Increases a Revenue

question 109

Multiple Choice

An adjusting entry that increases an asset and increases a revenue is known as a(n) :

• A)Accrued expense.
• B)Deferred expense.
• C)Deferred revenue.
• D)Accrued revenue.
• E)Depreciation.

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Definitions:

Implied Warranty

A legal assurance that a product will meet a minimum level of quality and functionality without being explicitly stated in a contract.

Particular Purpose

Refers specifically to the intended use or requirement for which something is sought or required, often in a legal or contractual context.

Matter of Law

Issues decided by a judge rather than by a jury, pertaining to legal interpretation rather than factual determination.

Transfer Title

The act of legally changing the ownership of a property or asset from one entity to another.