A reversing entry should not be made for an adjusting entry to record
A. an accrued expense item that will involve future cash payments.
B. depreciation.
C. an accrued income item that will involve future cash receipts.
D. the accrued salaries.
Answer: B
You might also like to view...
Jark Corporation has invested in a machine that cost $60,000, that has a useful life of six years, and that has no salvage value at the end of its useful life. The machine is being depreciated by the straight-line method, based on its useful life. It will have a payback period of four years. Given these data, the simple rate of return on the machine is closest to (Ignore income taxes.):
A. 9.5% B. 7.2% C. 8.3% D. 25%
Which of the following does the covenant of seisin promise?
A) The grantor owns the interest that he or she is conveying. B) The grantor controls an easement in the property he or she is conveying. C) The grantor owns a conditional estate in the land. D) The grantor has complied with all CC&Rs.
Elon feels that to be the forerunners in the automotive industry he needs to take risks and be innovative. He thinks that his teams are the ones creating change to which other competitors must respond. Elon is using which strategy?
a. Defender b. Reactor c. Prospector d. Analyzer
When the estate is divided equally among each branch of the family, but not necessarily equally among each of the offspring, there is a
A) per capita division of the property. B) per se division of the property. C) per stirpes division of the property. D) per quod division of the property.