4 The organization developed by the AICPA in 1973 to issue financial accounting pronouncements is the: + Select one: O a. PCAOB b. SEC O c. FASB d. APB O e. IASB LO Failure to record the adjustment to recognize the earned portion of unearned revenue: Select one: O a. Overstates liabilities O b. Overstates revenue O c. Overstates expenses O d. Understates assets O e. Overstates assets $15,000 7,000 3,000 9,000 24,000 LAKE CORPORATION ADJUSTED TRIAL BALANCE DECEMBER 31, 2012 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Common Stock Retained Earnings Dividends Commission Revenue Depreciation Expense, Equipment Wages Expense Insurance Expense $ 6,000 12,000 20,000 10,000 4,000 34,000 2,000 14,000 4.000 $82000 $82000 Following all closing entries, the trial balance totals will be: Select one: O a. $58,000 Ob. $82,000 O c. $62,000 O d. $92,000 o e. $54,000 Which is a typical result of a declaration of a cash dividend but not a declaration of a stock dividend? Select one: O a. Retained Earnings decreases O b. Common Stock account increases O c. Net Income decreases O d. Liabilities increase Liabilities decrease O e