1. If certain assets are partially used up during the accounting period, then:

	a liability account is decreased and an expense is recorded.
	an asset account is decreased and an expense is recorded.
	nothing is recorded on the financial statements until they are replaced or replenished.
	nothing is recorded on the financial statements until they are completely used up.

2. The company uses up $5,000 of an existing asset and the company adjusts its accounts accordingly. This is an example of a(n):

	deferral adjustment
	closing adjustment
	accrual adjustment
	unethical adjustment

3. An example of an account that could be included in an accrual adjustment for revenue is:

	Interest Receivable
	Interest Payable
	Unearned Revenue
	Cash

4. If an expense has been incurred but will be paid later, then:

	nothing is recorded on the financial statements.
	a revenue and an expense are accrued.
	a liability account is created or increased and an expense is recorded.
	an asset account is decreased or eliminated and an expense is recorded.