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:

Q-Methodology

A research technique used to study people's viewpoints by having them rank and sort statements according to their opinions.

Quantitative

relates to research or data that can be measured and quantified, often involving statistical analysis to interpret numerical data.

Interpretive Perspective

A research approach focused on understanding how individuals make sense of the world around them, often used in qualitative studies.

Humans Make Sense

The process by which people interpret, understand, and give meaning to information, experiences, and their environment.