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11 the cost of office supplies used up during the period is an expense 12 if deferre 4297943

 

11) The cost of office supplies used up during the period is an expense.

 

12) If deferred revenue has been earned by the end of the current period and no adjustment is recorded, net income for the current period will be understated.

 

13) Companies are required to record accrued expenses on a daily or weekly basis.

 

14) The adjusted trial balance lists all the accounts and their final balances in a single place.

 

15) The book value of a plant asset is equal to its cost plus any improvements made to the asset.

 

16) Unearned Service Revenue is a revenue account.

17) A prepaid expense is an expense paid in advance.

 

18) Recording an expense in order to measure net income is consistent with the expense recognition principle.

 

19) All plant assets except buildings, decline in usefulness. This decline is an expense.

 

20) The adjusting entry to recognize unpaid salaries increases net income and increases liabilities.

 

 

 

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