Knowledge Check $01$

Which of the following statements about accrual adjustments are true? $($You may select more than one answe with the question mark to produce a check mark for a correct answer and double cllck the box with the qu the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.$)$

They are used to decrease balance sheet accounts and increase corresponding Income statement accounts.

They are used to Increase balance sheet accounts and increase corresponding Income statement accounts.

Everyaccrual adjustment Involves one liability and one expenseaccount.

Each accrual adjustment Involves one asset and one revenue account or one liability and one expense account.