Greetings, I just need explanation per number because it is already answered correctly (the answer is in bold and italicized), so i'm just gonna ask for the explanation (brief) per number thank you! the answer is already given just explain why that is the answer, thanks

43. If an accountant fails to make an adjusting entry for depreciation at year end:

a. Total current assets are overstated. b. Total non-current assets are understated. c. Profit is overstated. d. Total assets are not affected.

44. Cash is debited on which transaction?

a. Accrual of interest earned. b. The company purchased additional supplies for cash. c. The company received the payment from a 120-day, 10% note from a customer. d. The owner withdrew cash from the business.

45. All accounts in this trial balance should be composed of only balance sheet items, since all income statement items were already closed (zero balance).

a. Unadjusted trial balance. b. Adjusted trial balance. c. Post closing trial balance. d. Reversing entries.

46. Which of the following best describes the going concern assumption of financial accounting?

a. Economic activity can be identified with a particular unit of accountability. b. In the absence of information to the contrary, a company is assumed to have a long live. c. The life of a company can be divided into artificial time periods for the purpose of providing periodic reports on the economic activities of the company. d. Transactions that change a companys financial statements are recorded in the periods in which the events occur.

47. The adjusting entry to recognize the expired portion of a prepaid rent involves a debit to:

a. Prepaid Rent. b. Rent Receivable. c. Rent Expense. d. Insurance Expense.

48. Total debits and credits to cash for year was P150,000 and P250,000, respectively. The balance sheet shows cash balance of P500,000. How much is the beginning balance of cash?

a. 400,000. b. 0. c. 550,000. d. 600,000. (bonus)

49. A resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.

a. Asset. b. Equity. c. Liability. d. Revenue.

50. Which of the following best describes an income statement?

a. Shows the movement in the capital of the owner for the period. b. Shows the financial standing of the company by presenting the ending balances of the firms assets, liabilities and equity. c. It allows users of financial statement understand how a companys operations are running, where its cash came from, and how that money is being spent. d. It provides information about the total revenues and expenses for a given period, then calculates the companys profit or loss.