Which of the Following Statements Is Not Correct

question 46

Multiple Choice

Which of the following statements is not correct?

• A)The cost less the salvage value equals the depreciable base of a long-term asset.
• B)Each adjustment for an accrued expense includes a credit to a liability account.
• C)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.
• D)Uncollectible Accounts Expense is a contra asset account.

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Definitions:

Crimes

Acts or omissions that violate laws which have been established by governmental authorities and are punishable by the state.

Critical Legal Scholars

A movement in legal thought that challenges and seeks to change mainstream legal practices and institutions, emphasizing the role of law in perpetuating social inequalities.

Power

A social or political force exerted by entities such as individuals, groups, or institutions to achieve their objectives, often through control or dominance.

Law

A system of rules created and enforced through social or governmental institutions to regulate behavior, with the aim of ensuring order and justice in society.