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Question 280 / 1 point
When preparing an income statement vertical analysis, each revenue and expense is expressed as a percent of net income.Question options:1) True2) FalseQuestion 291 / 1 pointThe adjustment for accrued fees was debited to Accounts Payable instead of Accounts Receivable. This error will be detected when the adjusted trial balance is prepared.Question 300 / 1 pointThe matching concept supports matching expenses with the related revenues.Question 311 / 1 pointA fixed asset’s market value is reflected on the balance sheet.Question 320 / 1 pointAn adjusting entry to accrue an incurred expense will affect total liabilities.Question options:1) True2) FalseQuestion 330 / 1 pointRevenues and expenses should be recorded in the same period to which they relate.
Question 340 / 1 pointAccruals are needed when an unrecorded expense has been incurred or an unrecorded revenue has been earned.Question 351 / 1 pointVertical analysis compares each item in a financial statement with a total amount from the same statement.Question 360 / 1 pointThe financial statements are prepared from the unadjusted trial balance.Question options:1) True2) FalseQuestion 371 / 1 pointAdjustments for accruals are needed to record a revenue that has been earned or an expense that has been incurred but not recorded.Question 380 / 1 pointThe matching concept requires expenses be recorded in the same period that the related revenue is recorded.
Question 390 / 1 pointAdjusting entries affect only expense and asset accounts.