please answer both questions would rate thank you

Which of the following statements about accounting errors is incorrect? Prior period adjustments are required when the error discovered in the published financial statements is material Prior period adjustments require that the company record a journal entry to adjust revenues or expenses recorded in the period in which the material error occurs Prior period adjustments require that the company record a journal entry that accounts for the income effects of the error by increasing or decreasing the beginning retained earnings balance Prior period adjustments require that the company record a journal entry to adjust any balance sheet accounts to their appropriate levels On May 1, Year 1, a company paid $48,000 for 24 months of advance rent on its warehouse. Assuming the company has a December year-end, what would be the amount of rent expense in Year 1 under cash basis versus accrual accounting? Cash basis = $24,000, Accrual = $24,000 Cash basis = $48,000; Accrual = $16,000 O Cash basis = $16,000; Accrual = $48,000 Cash basis = $48,000; Accrual = $24,000