Question: *** 2 QUESTIONS*** 1. The adjusting entry required when amounts previously recorded as unearned revenues are recognized includes: A) A credit to an asset B)

*** 2 QUESTIONS***

1. The adjusting entry required when amounts previously recorded as unearned revenues are recognized includes:

A) A credit to an asset

B) A credit to a liability

C) A debit to an asset

D) A debit to a liability

2.

Which of the following is not a characteristic of the balance sheet?

A) The balance sheet reports the change in financial position.

B) The major classifications of the balance sheet are assets, liabilities, and stockholders equity.

C) Assets generally are listed in order of their liquidity.

D) The balance sheet provides information useful in assessing liquidity

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