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Which of the following statements regarding the presentation of a trial balance is correct?

Which of the following statements regarding timing issues associated with closing entries are correct?

If an expense has been incurred but will be paid later, then:

A company makes a deferral adjustment that reduces a liability. This must mean:

One major difference between deferral and accrued adjustments is:

Accrual adjustments link:

is (are) correer ts regarding the presentation of a trial balance for Retained Earnings. of a trial balance is 8. Which of the following statements the A. The adjusted trial balance shows the end-of-year B. An adjusted trial balance presents account statements. C. Both A) and B) above are true. D. Neither A) nor B) above are true. balance llan adisted trial balance presents ecount balanes in the same level of detail as the financial ollowing statements regarding timing issues associated with closing entries is (are) true? statements A.C 9. Which of the A. Closing j Arter closing entries are posted, the balances of the income statement accounts will be zero. C. Both A) and B) above are true entries are only recorded at the end of each accounting year. D. Neither A) nor B) above are true. 10. If an expense has been incurred but will be paid later, then: A. nothing is recorded on the financial statements. B. a liability account is created or increased and an expense i C. an asset account is decreased or eliminated and an expense is recorded D. a revenue and an expense are recorded. 11. A company makes a deferral adjustment that reduces a liability. This must mean: A. an asset account is decreasing by the same amount. B. an expense account is increasing by the same amount. C. a revenue account is increasing by the same amount. D. a different liability account is decreasing by the same amount. 12. One major difference between deferral and accrual adjustments is: B. deferral adjustments are made before taxes and accrual adjustments are made after taxes. A. accrual adjustments are influenced by estimates of future events and deferral adjustments are not. C. deferral adjustments are made monthly and accrual adjustments are made annually D. accounts affected by an accrual adjustment always go in the same direction (i.e, both accounts are both accounts are decreased) and accounts affected by a deferral adjustment always go in opposite directions. 13. Accrual adjustments link: A. assets and revenues moving direction. in the same direction or liabilities and expenses moving in the same B. assets and expenses moving in the same direction or liabilities and revenues C. assets and revenues moving in the opposite direction or liabilities and expenses moving in moving in the same direction. in the opposite direction. D. assets and expenses moving in the opposite direction or liabilities and revenues moving in the opposite direction

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