An expense occurred in 2022, and it is not paid until 2023 Using cash-basis accounting, the expense should appear on OA. the 2023 income statement OB. the 2022 income statement OC. whichever income statement the business prefers OD. both the 2022 and 2023 income statements. The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are working together to develop similar standards. Which of the following statements is FALSE? OA. The FASB and IASB have recently issued a joint new standard that provides a globally consistent, converged, and simplified way to recognize revenue B. The first step in the new revenue standard is to allocate the transaction price to the performance obligations C. The joint new revenue recognition standard is based on the idea that all business transactions involve contracts that exchange goods or services for cash or claims to receive cash. OD. The new revenue standard has five steps On October 1 of the current year, a company received $10,800 for services to be performed evenly over the next six months If no adjusting entry was made on December 31 of the current year: A. net income would be understated by $10,800. B. net income would be understated by $5,400. C. net income would be overstated by $5,400. D. net income would be overstated by $2,700