Remaining Time: 2 hours, 50 min Question Completion Status: QUESTION 13 3. Neither U.S. GAAP nor IFRS require the use of accrual basis accounting. True False 3.2 QUESTION 14 If a company has current assets of $15,000 and current liabilities of $9,500, its current ratio is 1.6 True False 3.2 F QUESTION 15 Reversing entries are recorded in response to external transactions that were created in error during the prior accounting period. OTrue OFalse 3.2 po QUESTION 16 A voucher system is a set of procedures and approvals designed to control cash payments and the acceptance of liabilities True False OUESTION 17