Which of the Following Statements Is Correct

question 147

Multiple Choice

Which of the following statements is correct?

• A) Prepaid expenses,depreciation,and unearned revenues involve previously recorded assets and liabilities.
• B) Accrued expenses and accrued revenues involve assets and liabilities that have not yet been recorded.
• C) Adjusting entries are used to record both accrued expenses and accrued revenues
• D) Prepaid expenses,depreciation,and unearned revenues require adjusting entries to record the effects of the passage of time.
• E) All of these answers are correct.

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Definitions:

Structured Interview

An interview method where each interviewee is asked the same set of prepared questions in the same order to ensure consistency and comparability of responses.

Individual

Pertains to a single human being as distinct from a group, community, or family.

Likert-type

Scales commonly used in questionnaires that measure attitudes by asking respondents to rate their level of agreement or disagreement on a symmetric agree-disagree scale for a series of statements.

Informal Assessment

Evaluative processes or tools that are unstandardized and non-systematic, often used in educational or training contexts.