9. Expenses are incurred a. to produce liabilities. b. to produce assets. c. to generate revenue. d. only during the adjustment process. 10. Which of the following accounts probably would need to be adjusted at year end? a. Accounts Payable b. Land Building not currently in use Supplies c. d. 11. The book (carrying) value of a depreciable asset equals a. original cost minus accumulated depreciation. b. the estimated cost to replace the asset. c. original cost minus depreciation expense for the current period. d. the estimated amount that the asset could be sold for. Which of the following sequences of actions describes the proper sequence in the accounting cycle? a. Prepare, record, post, adjust, analyze, close b. Record, post, close, prepare, adjust, analyze c. Analyze, record, post, adjust, prepare, close d. Post, close, prepare, adjust, analyze, record 12