Which of the Following Statements Is Incorrect

question 211

Multiple Choice

Which of the following statements is incorrect?

• A) Adjustments to prepaid expenses, depreciation, and unearned revenues involve previously recorded assets and liabilities.
• B) Accrued expenses and accrued revenues involve assets and liabilities that had 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:

Behavior Therapy

A type of psychotherapy that focuses on changing specific behaviors and uses various techniques to stop undesirable habits or behaviors.

Learning Theory

A framework that describes how individuals acquire, retain, and recall knowledge and skills.

Individual

Pertaining to or characterizing a single, separate person or entity, often emphasizing uniqueness or personal identity.

Concentrating

The mental process of focusing one's attention or cognitive resources on a specific task, subject, or activity.