Adjustment and Depreciation

An asset

A liability

An expense

None of the above

Assets

Liabilities

Income

Profit

Prepaid expenses

Accrued expenses

Expenses payable

Both (1) and (2)

Accrued expense

Outstanding expense

Prepaid expense

Payable expense

Depreciation expense – Furniture – Dr. & Accumulated depreciation – Furniture – Cr.

Depreciation expense – Furniture – Dr. & Fixed assets – Cr.

Depreciation expense – Furniture – Dr. & Capital – Cr.

Accumulated depreciation – Dr. & Depreciation expense – Furniture – Cr.

Adjustment

Closing of accounts

Trial balance

Balance sheet

Current liability

Fixed liability

Contingent liability

None of the above

Assets

Liabilities

Intangible assets

Owner’s equity

Prepaid expenses

Accrued expenses

Outstanding expenses

Payable expenses

Advance expenses

Deferred expenses

Unexpired expenses

All of the above