1.Omission of the adjusting entry needed to accrue an expense at the end of the period would cause liabilities to be understated.

Group of answer choices

True

False

2. Every adjusting entry involves the recognition of either revenue or an expense.

Group of answer choices

True

False

3. Materiality is determined by the Financial Accounting Standards Board.

Group of answer choices

True

False

4. An adjusting entry to recognize revenue that has been earned but not yet billed or collected will cause an increase in total liabilities.

Group of answer choices

True

False