Summary of Timing Issues Related to Adjusting Entries ACCOUNTING

Question 1

 Property, Plant, & Equipment, (example Equipment or Buildings) 

A.  All of the “before” and “after” words are correct.

B.  All of the “before” and “after” words are incorrect.

C.  Some of the “before” and “after” words are correct and some of the “before” and “after” words are incorrec

Question 2

Prepaid Assets, (examples Prepaid Rent, Supplies)

A.  All of the “before” and “after” words are correct.

B.  All of the “before” and “after” words are incorrect.

C.  Some of the “before” and “after” words are correct and some of the “before” and “after” words are incorrect

Question 3

Accrued Liabilities, (examples wages payable, interest payable)

A.  All of the “before” and “after” words are correct.

B.  All of the “before” and “after” words are incorrect.

C.  Some of the “before” and “after” words are correct and some of the “before” and “after” words are incorrect

Question 4

Unearned Revenue Liabilities, : (examples Receive Advance Payment for Services or Rent)

A.  All of the “before” and “after” words are correct.

B.  All of the “before” and “after” words are incorrect.

C.  Some of the “before” and “after” words are correct and some of the “before” and “after” words are incorrect

Question 5

Accrued Assets,

A.  All of the “before” and “after” words are correct.

B.  All of the “before” and “after” words are incorrect.

C.  Some of the “before” and “after” words are correct and some of the “before” and “after” words are incorrect.