Accountıng I Deneme Sınavı Sorusu #1313712
Which of the following statements is wrong?
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Adjusting Entries are necessary every time financial statements are prepared |
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Basic categories of adjusting entries are deferrals and accruals |
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Accrued expenses are advance payments of future expenses |
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Depreciable amount is the cost of an asset, or other amount substituted for cost, less than its residual value |
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Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life |
Yanıt Açıklaması:
Deferred expenses (prepaid expenses) are advance payments of future expenses.
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