Shareholders are extemal users of accounting information. O True O False QUESTION 6 IFRS stands for Internationally accepted accounting principles. True O False QUESTION 16 What is the impact of prepaid expenses before year end adjusting entries? O A. Overstate assets and understate expenses. O B. Understate liabilities and overstate expenses. O C. Understate assets and overstate expenses. O D.Overstate liabilities and unde ate expenses