T 19.A liability—revenue account relationship exists with an unearned rent revenue adjustingentry.20.The balances of the Depreciation Expense and the Accumulated Depreciation accountsshould always be the same. Show Get answer to your question and much more 21.Unearned revenue is a prepayment that requires an adjusting entry when services are Get answer to your question and much more performed.T 22.Asset prepayments become expenses when they expire.23.A contra asset account is subtracted from a related account in the balance sheet. Get answer to your question and much more F 24.If prepaid costs are initially recorded as an asset, no adjusting entries will be required inthe future.  CHAPTER 3 ADJUSTING THE ACCOUNTS SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 C 9. 2 C17.5 C25.5K sg33. 3K 2. 1 K 10. 2 K 18.5 K 26.6 K sg34. 5 K 3. 1 K 11. 3 C 19.5 C 27.7 K sg35. 6 K 4. 1 C 12. 3 K 20.5 C a28.8 C sg36. 7 K 5. 1 K 13. 3 K 21.5 C a29.8 C sg,a37. 8 C 6. 2 C 14. 3 K 22.5 K a30.8 C 7. 2 K 15. 4 C 23.5 K sg31.2 K 8. 2 K 16. 4 K 24.5 C sg32.3 K Multiple Choice Questions 38. 1 K 63. 2 P88.5 N113.5 N 138. 6 P 39. 1 K 64. 2 AP 89.5 AN114.5 AP 139. 7 K 40. 1 K 65. 3 K 90.5 K 115.5 AN 140. 7 K 41. 1 C 66. 3 C 91.5 K 116.5 AN 141. 7 K 42. 1 K 67. 3 C 92.5 C 117.5 AP 142. 7 C 43. 1 K 68. 3 K 93.5 C 118.5 AP a143. 8 C 44. 1 C 69. 3 C 94.5 AN119.5 AP a144. 8 C 45. 1 C 70. 3 C 95.5 K 120.5 C a145. 8 AN 46. 1 C 71. 3 C 96.5 AN121.5 C a146. 8 AN 47. 1 K 72. 3 C 97.5 C 122.5 AN a147. 8 AN 48. 2 K 73. 4 K 98.5 K 123.5 AN a148. 8 AN 49. 2 K 74. 4 C 99.5 K 124.6 C sg149. 2 C 50. 2 K 75. 4 K 100.5 K 125.6 C st150. 2 K 51. 2 K 76. 4 K 101.5 K 126.6 AN st151. 2 K 52. 2 C 77. 4 K 102.5 C 127.6 AN sg152. 4 K 53. 2 C 78. 4 K 103.5 C 128.6 AN st153. 4 K 54. 2 C 79. 4 K 104.5 K 129.6 C sg154. 5 AP 55. 2 C 80. 4 K 105.5 C 130.6 AN sg155. 6 AP 56. 2 C 81. 4 C 106.5 AN131.6 AN st156. 6 K 57. 2 C 82. 4 K 107.5 AN132.6 AN sg157. 6 AP 58. 2 K 83. 4 AN108.5 AN133.6 AP st158. 7 K 59. 2 C 84. 5 C 109.5 AN134.6 C sg159. 7 K 60. 2 C 85. 5 C 110.5 AN135.6 AN 61. 2 C 86. 5 K 111.5 AN136.6 AP 62. 2 AP 87. 5 K 112.5 AP 137.6 AP sg This question also appears in the Study Guide. st This question also appears in a self-test at the student companion website. a This question covers a topic in an appendix to the chapter. What is the accounting time periods that is one year in length but does not begin on January 1?Accounting time periods that are one year in length are referred to as interim periods.
How long is an accounting period?Is an Accounting Period Always 12 Months? No, an accounting period can be any established period of time in which a company wishes to analyze its performance. It could be weekly, monthly, quarterly, or annually.
Are accounting reports covering a one year period?❖ Accounting (Reporting) periods—length of time covered by financial statements. ❖ Most companies use a year as their primary accounting period. ❖ Annual financial statements—reports covering a one-year period. ❖ Interim financial statements—covering one, three, or six months of activity.
Which is the accounting year?The accounting year, also known as the accounting period, occurs usually on any date other than January 1st to December 31st. Any accounting year that falls on these dates is also known as a calendar year.
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Accounting time periods that are one year in length are referred to as interim periods.
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