Which of the following statements is not true about adjusting entries?
a. Adjusting entries must be both journalized and posted.
b. Adjusting entries are normally supported by an explanation.
c. Adjusting entries are dated as of the last day of the period.
d. Omission of adjusting entries will have over- or understatement impacts on the income statement but not the balance sheet.
d
You might also like to view...
The form prepared by the purchasing agent and sent to the vendor to obtain materials is known as a:
a. Materials requisition. b. Purchase requisition. c. Purchase order. d. Vendor's invoice.
The master budget usually includes
a. an operating budget. b. a capital budget. c. pro forma financial statements. d. all of the above.
A piece of property whose true owner has accidentally or unknowingly dropped it or left it somewhere is categorized as ________ property
A) abandoned B) lost C) mislaid D) jus relictae
Which of the following is an example of a wicked problem?
a. A community attempting to prevent terrorism b. A community building a new hospital c. A community seeking to attract entrepreneurs d. A community focused on repaving its roads