LO 7-2, 7-5 What is the purpose of payroll-related accrual and reversal entries on financial statements? (Select all that apply.)

a. Accrual entries represent payroll amounts incurred but not yet paid.

b. Reversing entries represent the disbursement of accrued payroll prior to the end of the payroll period.

c. Accrual entries are used to improve the accuracy of the net income for a period.

d. Reversing entries are omitted from financial statements.