6. An entity fails to make an adjusting entry for accrued revenue. What effect will this have on the financial statements? [ ] A. Revenues will be understated. [ B. Assets will be understated. [ ] C. Both A and B. [ ] D. None of the above. 10. When a business pays GST to suppliers it records: [ ] A. an asset. [ ] B. a liability. [ ] C. an expense. [ ] D. a revenue