The adjusting entry for unearned revenue always involves a:
A) debit to a revenue account and a credit to a liability account
B) debit to a liability account and a credit to a revenue account
C) debit to an asset account and a credit to a liability account
D) debit to an asset account and a credit to a revenue account
42) Prepaid expenses are often referred to as deferrals because the recording of the expense is deferred until after cash is paid.
43) Depreciation is every bit as much an expense as the salary that a business pays its employees.
44) If prepaid rent has expired during the current period and no adjustment has been made, net income for the current period will be overstated.
45) If deferred revenue has been earned by the end of the current period and no adjustment is recorded, net income for the current period will be understated.
46) Adjusting journal entries recorded at the end of an accounting period update only revenue and expense accounts, and have no effect on either asset or liability accounts.
47) A liability that the business has incurred but has not yet paid is known as accrued revenue.
48) An adjusted trial balance is prepared without incorporating any end-of-period adjustments.
49) An expense that a business has paid for but not yet incurred is an accrued expense.
50) Deferred revenue occurs when cash is received from a customer before work or the sale is completed.
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