Question 25 1.67 pts Solomon Corporation earns revenue over time but is not given the money. What is the correct name for this revenue account? Unearned Revenue O Prepaid Revenue O Adjusted Revenue O Accrued Revenue 1.67 pts Question 26 On December 1, Year One, a company receives $10,000 in advance for work it will perform in January, Year Two. The company accountant immediately recorded the $10,000 as revenue and no adjusting entry was made on December 31, Year One. Which of the following statements is true of this transaction? O At the end of Year One, liabilities are overstated O At the end of Year One, net income is overstated O At the end of Year One, retained earnings is correctly stated O At the end of Year Two, net income is overstated D Question 27 1.67 pts After the temporary accounts are closed at year's end, the resulting single figure will be equal to: O net income reported for the year. beginning retained earning balance of the forthcoming year. O ending retained earning balance of the current year. total cash flow for the current year. 1.67 pts Question 28 An assessment of internal control is required when an audit is performed on a company that is subject to the rules of the: . O AICPA , O ASB O EIFT. O EDGAR