Need Help With basic Financial System questions.

Question 1 (1 point) Adjusting entries O are prepared at the end of the accounting period to update certain accounts O are prepared at the beginning of the accounting period to update all accounts O are prepared at the option of the accountant O are not needed under the accrual basis of accounting Question 2 (1 point) Non-current assets are those debts payable in longer than 1 year or the entity's operating cycle which ever is longer. O True O False Question 3 (1 point) What will be the result ifthe adjusting entry to record the current period's depreciation on equipment is not recorded? O The assets for the period will be understated. O The net income for the period will not be affected. O The net income for the period will be understated. O The net income for the period will be overstated. Question 4 (1 point) On october 25, 2013 Quick Corp. prints a cheque for November's rent payment. Quick Corp. mails the cheque on october 27 to the landlord. The landlord receives the cheque October 31 and cashes the cheque on November 2. When should Quick Corp. record the rent expense associated with this transaction? O October 25, 2013 O November 30, 2013 O November 2, 2013 o October 27, 2013 Question 5 (1 point) Accumulated depreciation is classified as a(n): O asset account O contra-asset account expense account O liability account