Question $1$

The adjusting entry to record the depreciation of a building for the fiscal period is

debit Building; credit Depreciation Expense

debit Depreciation Expense; credit Accumulated Depreciation

debit Depreciation Expense; credit Building

debit Accumulated Depreciation; credit Depreciation Expense

Internal control does not consist of policies and procedures that

ensure that business information is accurate

guarantee the company will earn a profit

ensure employees and managers comply with laws and

regulations

protect assets from misuse