No On October 10, MFP Co. paid $7,000 in employee salaries, including $1,000 it owed to its employees for work done in September. What are the effects of this transaction? Select one: a. Expenses increased, liabilities increased, and assets increased. O b. Assets decreased, liabilities decreased, and expenses increased. O c. Assets decreased, expenses decreased, and liabilities increased. O d. Expenses decreased, liabilities decreased, and assets decreased of $ tempted: 0/13 If a company is successful in reducing selling and administrative expenses while maintaining sales volume and the sales price of its product, then the net profit margin ratio Select one: O a. will not change O b. will increase O c. will drecrease. O d. will either decrease or remain unchanged. Which of the following determines when revenues and expenses should be recorded under accrual accounting? Select one: O a relevance and representational faithfulness O b. the cost principle and the matching process O c. the revenue principle and the matching process O d. the revenue principle and the periodicity assumption