True or False
1. The adjusting entry to allocate part of the cost of a one year fire insurance policy to expense will cause total assets to increase.
2.The amount of the accrued revenues is recorded by debiting an asset account and crediting an income account.
3. An adjusting entry includes at least one balance sheet and at least one income statement account.
4.A deferral is the recognition of an expense that has arisen but has not yet been recorded.
5.Revenue cannot be recognized unless delivery of goods has occured or services have been rendered.