9. An Accrual is where a firm pre-pays for an Asset and expenses over time? a. True b. False 10. Firms that use the LIFO Inventory Cost Flow Method: a. Will have lower Cost of Goods Sold b. Will have higher Net Income c. Will pay less taxes in the current year d. Will have more supplies during the lockdown 7. The Independent Auditors Report: a. Expresses a Statement of Fact as to the accurateness of the Financials b. Does not have a Scope Paragraph describing the work completed. c. Usually performed by Infernal Employees d. Expresses an Opinion on material misstatements of the Financials