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True or False 1. The adjusting entry to recognize an expense which is unrecorded and unpaid will cause total assets to increase. Tour 2. The adjusting entry to allocate part of the cost of a one-year fire insurance policy to expense will cause total assets to increase. tais 3. Every adjusting entry must change both an income statement account and a balance sheet account 4. Failure to record the adjusting entry for depreciation results in assets and owner's equity being overstated on the balance sheet. THE 5. A fiscal period must begin on January 1. TOLE 6. Revenue cannot be recognized unless delivery of goods has occurred or services have been rendered. 7. Adjusting entries are useful in apportioning costs among two or more accounting periods. TRUE 8. Recording incurred but unpaid expenses is an example of an accrual. FALSE 9. Revenue is equal to the cash received by a company during an accounting period. POUSE 10. A company's fiscal year must correspond to the calendar year. Fair 11. In recording the adjusting entries for depreciation, both accounts involved are increased. TRUE 12. The amount of accrued revenues is recorded by debiting an asset account and crediting an income account. TRUE 13. Accrued revenue is a term used to describe revenue that has been received but not Faye 14. Book value is the original cost of a building less depreciation for the year. Face yet earned 15. The adjusting entry to recognize earned revenues which was received in advance will cause total liabilities to decrease. Taule 16. If all transactions were originally recorded in conformity with GAAP, there would be no need for adjusting entries at the end of the period. FALSE 17. The adjustment to record depreciation of property and equipment consists of a debit to depreciation expense and a credit to accumulated depreciation. TRUE 18. When services are not paid for until after they have been performed, the accrued expense is recorded by an adjusting entry at the end of the accounting period. rave 19. The adjusting entry to recognize earned commission revenues not previously recorded or billed will cause total assets to increase. 20. When the reduction in prepaid expenses is not properly recorded, this causes the asset accounts and expense accounts to be understated. Taur 21. Applying accrual accounting results in a more accurate measurement of profit for the period than does the cash basis of accounting. TRUE 22. Not all increases to cash represent revenues. TRUE 23. Adjusting entries arrect cash Tiows in the current period. TRUE 24. Accrual accounting recognizes revenues and expenses at the point that cash changes hands. TRUE 25. A deferral is the recognition of an expense that has arisen but has not yet been recorded. TRUE 26. Assets become liabilities when they expire. POLE 27. When there is no direct connection between revenues and costs, the costs are systematically allocated among the periods benefited. 28. Revenue results from collection of accounts receivable. TRUE 29. Accumulated depreciation accounts may be referred to as contra-asset accounts
