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Please can you help me with those questions with explanation. Thanks 9. Failure to record wage expense earned by employees at the end of an
Please can you help me with those questions with explanation. Thanks
9. Failure to record wage expense earned by employees at the end of an accounting period that will be paid on the following Friday results in A. Understated income. B. Understated liabilities. C. Overstated expenses. D. Overstated assets. 10.10. Failure to record the expired amount of Prepaid Insurance Expense would NOT A. Understate expenses. B. Overstate net income. C. Overstate owners' equity. D. Understate liabilities. 11. Which of the following statements regarding accrual versus cash-basis accounting is TRUE? A. The FASB believes that cash-basis accounting is appropriate for some smaller companies, especially those in the service industry. B. Cash-basis accounting is sometimes used by small, unincorporated businesses. C. Application of cash-basis accounting results in an income statement reporting revenues and expenses. D. Cash-basis accounting requires a complete set of double-entry records. 12. The use of computers in processing accounting data A. Place responsibility on the information systems designer. B. Eliminates the double-entry system as a basis for analyzing transactions. C. Eliminates the need for financial reporting standards such as those promulgated by the FASB. D. Always increases document trails used to verify accounting recordsStep by Step Solution
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