In the Case of a Deferred Expense,the Adjusting Entry Required

question 147

True/False

In the case of a deferred expense,the adjusting entry required at the end of a period will consist of a credit to the Prepaid Expense account.Assume the deferred expense was initially recorded as an asset.

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Definitions:

Amino Acid

Small organic compound that consists of a carboxyl group, an amine group, and a characteristic side group (R), all typically bonded to the same carbon atom; monomer of proteins.

Introns

Non-coding sequences of DNA within a gene that are removed during RNA processing before translation into proteins.

Post-transcriptional Modification

The process of chemical changes to RNA transcripts after synthesis, affecting their stability, localization, and translation into proteins.

Poly-A Tail

A stretch of adenine nucleotides added to the 3' end of a newly synthesized pre-mRNA molecule in eukaryotic cells, protecting the mRNA from degradation and aiding in its export from the nucleus.