1. Assets that are recorded when purchased in advance of becoming an operational expense when adjusted...

1. Assets that are recorded when purchased in advance of becoming an operational expense when adjusted later are called Accrued Expenses. True or False.

2. A worksheet is an internal tool prepared routinely throughout the year and includes the following: a.Individual Transactions b. Unadjusted Trial Balance c. Proof of Accounts d. Chart of Accounts

3. A Cash Receipts special journal could be used to record and keep together entries for all cash received from any outside source. True or False.

4. A Cash Disbursements Journal could be used to record transactions for all merchandise or equipment purchased on account. True or False

Expert Solution

1. Assets that are recorded when purchased in advance of becoming an operational expense when adjusted later are called Accrued Expenses. True or False.	FALSE	Accrued Expenses is the liability. Assets that are recorded when purchased in advance of becoming an operational expense when adjusted later are called Prepaid Expenses.
2. A worksheet is an internal tool prepared routinely throughout the year and includes the following: a.Individual Transactions b. Unadjusted Trial Balance c. Proof of Accounts d. Chart of Accounts	FALSE	The complete work sheet includes a list of the accounts,their balances and adjustments, unadjusted trial balance, the adjustments, the adjusted trial balance,the income statement, and the balance sheet (including the statement of owner’s equity).
3. A Cash Receipts special journal could be used to record and keep together entries for all cash received from any outside source. True or False.	TRUE	Cash Receipt journal records cash received by a business
4. A Cash Disbursements Journal could be used to record transactions for all merchandise or equipment purchased on account. True or False	FALSE	cash payment journal records all cash payment made by business

ekkarill92 answered 2 years ago

What are some of the challenges when determining the value of operational assets?

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