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question true or false when services are provided to patients on accountboth the bal 4285647

Question

true or false When services are provided to patients on accountboth the balance sheet and income statement are affected. Prepaidexpenses and unearned revenues are accounts that record deferralsand must be adjusted at the end of the period to properly matchrevenues and expenses. 3. When making an adjustment to recongizethe supplies used, total assets would not change. 4. Physicalassets of longterm nature are referred to as fixed assets. 5. Landis an example of an intangible asset. 6. The first golden rule ofadjustments is that every adjustment affects at least one balancesheet account and one income statement account. 7. The secondgolden rule of adjustments says that you can only adjust cash if italso affects a revenue account. 8. Liabilities that will not be duefor more that one year are called longterm liabilities. 9. Underthe accrual basis of accounting, the accounting records should beadjusted so they are accruate before you prepare the statement ofretained earnings.

 

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