Adjusting entries that should be reversed include those for prepaid or unearned items that
a. create an asset or a liability account.
b. were originally entered in a revenue or expense account.
c. were originally entered in an asset or liability account.
d. create an asset or a liability account and were originally entered in a revenue or expense account.
Answer: d. create an asset or a liability account and were originally entered in a revenue or expense account.
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Which of the following does not help safeguard assets, documents, and data?
A. measure the throughput and utilization of data and physical assets B. create and enforce appropriate policies and procedures C. store data and documents in fireproof storage areas D. periodically reconcile recorded asset quantities
In a sublease, the landlord can sue the sublessee for failure to pay rent
Indicate whether the statement is true or false