Question 1 Which of the following does not affect equity? Cash received Dividends declared Expenses incurred Revenue earned Question 2 1 pts 1 pts Recording the adjusting entry for a prepaid expense has the same effect as recording the adjusting entry for which of the following? Accrued expense Depreciation Accrued liabilities O Unearned revenue Question 3 An adjusting entry should never include a credit to a liability account and a debit to an expense account a credit to a revenue account and a debit to an expense account a credit to a revenue account and a debit to a liability account a credit to a liability account and a debit to a revenue account D Question 4 In the accounting cycle, the last step is preparing the 00 closing entries trial balance financial statements adjusting entries Question 5 1 pts 1 pts 1 pts Select the purpose of capitalizing certain costs of doing business when they are incurred and then, over subsequent accounting cycles, depreciated or amortized. OOO O Reduction of federal income tax liability. Matching production costs with revenues as recognized. Meeting requirements of the accounting constraint of conservatism. Assistance with cash flow analysis.