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1. Accruals are types of adjusting entries that accumulate during a period when amounts were previously unrecorded. The two specific types of adjustments are accrued
1. Accruals are types of adjusting entries that accumulate during a period when amounts were previously unrecorded. The two specific types of adjustments are accrued revenues and accrued expenses. True False 2. Deferrals are prepaid expenses and revenue accounts that have delayed recognition until they have been used or earned. This recognition may not occur until the end of a period or future period. True False
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