Asked by
Tadesse shenkute
on Oct 28, 2024
Verified
Which of the following adjusting entries would not be reversed in the following accounting period?
A) an entry that recognized an accrued expense of the current period
B) an entry that allocated the expired portion of a long-lived asset to the current year's income statement
C) an entry that transferred a portion of a revenue account to a liability account
D) an entry that recognized an accrued revenue earned during the current period
Adjusting Entries
Entries made in the accounting records to realign the balances of accounts before financial statements are prepared.
Accrued Expense
An expense that has been incurred but not yet paid, recognized on the financial statements.
Long-Lived Asset
An asset expected to provide economic benefits over a period longer than one year, such as buildings or machinery.
- Understanding the function and goals of reversal entries.
Verified Answer
VP
Learning Objectives
- Understanding the function and goals of reversal entries.