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Author Question: ABC systems attempt to trace more costs as indirect costs. Indicate whether this statement is ... (Read 128 times)

jlmhmf

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on: Jul 5, 2018
ABC systems attempt to trace more costs as indirect costs.
 
  Indicate whether this statement is true or false.

Question 2

List the four basic types of accounts that require adjusting entries and give an example of each.


Kingjoffery

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Reply #1 on: Jul 5, 2018
Answer to Question 1

Answer: FALSE

Answer to Question 2

1 . Prepaid expenses - Example: Prepaid insurance
2 . Unearned revenues  Example: An attorney's retainer fee
3 . Accrued revenues - Example: Unpaid interest earned on a notes receivable
4 . Accrued expenses - Example: Unpaid wages owed to employees


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