Cost outlays are recorded as an expense when costs are incurred to earn revenue in the accounting period. a. Present or future b. Past C. Future d. Present As part of the closing process, accounting department need to close all temporary accounts into income summary account first, and then transfer the balance from income summary to retained earnings account. Select one: True False The Accumulated Depreciation account appears on the a. Statement of Equity b. Income Statement C. Balance Sheet and income Statement d. Balance Sheet Which of the following is a temporary account? a. Wages Payable b. Prepaid Utilities c Unearned Rent Revenue d. Dividends An auditors' report that indicates that the financial statements are truthful is known as being a Classified b. Reconciled Unqualified d. Qualified if a Utilities expense is incurred in February and was paid for in advance in January, the following will be an effect on the financial statements in February a. An asset decreases b. A liability increases C. An asset increases d. An expense decreases Clear my choice