The worksheet is a tool used in preparing the financial statements for a business. 92) T
The worksheet is a tool used in preparing the financial statements for a business.
92) The worksheet contains a debit and credit column for making adjustments to accounts that need updating.
93) Adjusting is the process of bringing accounts up to date at the end of the accounting period.
94) Supplies and prepaid rent are assumed to have a longer life than equipment.
95) Book value of an asset is always the same as the residual value.
96) The income statement is the only statement affected when an adjustment is made.
97) The book value of an asset equals the cost of the asset minus the accumulated amortization.
98) Each time amortization expense is recorded, the corresponding asset account decreases.
99) Amortization expense decreases net income.