So I don't know if this is the place to post this but I just need someone to go over this assignment to check if it is correct. There are some questions that involve going into a book, you don't need to help me with those. Thanks!!

• Unearned income is not a liability. False
• Deferred expenses are assets. False
• By definition, accrued revenue is unearned. True
• Accrues expenses have not been paid. True
• Deferred income is unearned. True
• Deferred expenses are prepaid. False
• Prepaid expense and unearned income accounts are assets. True
• Accrued expenses are liabilities. True
• All else being equal, overstating deferred revenue would overstate capital. True
• All else being equal, understating deferred expenses would overstate net income. True
• Taxes you owe would be recorded as a deferred expense. True
• Rent paid to you in advance would be recorded as deferred revenue. true
• Rent paid by you in advance would be recorded as an accrued expense. False
• Recording accrued revenue would require a debit to cash. True
• Recording an accrued expense would require crediting a liability account. True
• Unemployment insurance is a payroll tax. True
• Social security is a payroll tax and a payroll deduction. True
• Payroll deductions are withheld from employees gross pay. True
• Income tax is a payroll deduction. True
• Analysis of Kornett Companys post closing trial balance on page535 indicates Kornett paid employees $157,000 during 2014. False
• Analysis of Kornetts post closing trial balance also indicates Kornett owed $70,490 in payroll tax at year end. True
• There are $70,180 in payroll deductions listed on Kornetts post closing trial balance. False
• When journalizing the formation of a partnership, assets must be recorded at cost. True
• The net asset value of a partnership is equal to its revenue minus its expenses. True
• Partnership pay no income tax. False
• Partners J,K, and L agree to share profit and loss in a 5:2:1 ratio respectively. If the partnership earned $4 million in net income, K would be paid $1 million. False
• When partnerships dissolve, all non-cash assets are sold and debts are paid. True
• GAAP required the purchase of interest method be used to account for the admission of a new partner. False
• During liquidation, a loss on realization will create a capital deficiency. False
• Partners do not always have to agree on how to divide profit or loss. True
• In Exhibit 7 on page 555 cash was distributed to Farley, Greene, and Hall according to their profit sharing agreement. True
• Analysis of exhibit 8 on page 557 indicates a profit sharing ratio of 1:2. True
• When corporations sell stock at a price above par value, the stock is sold at a premium. True
• To close a dividend account at year end would require a debit to retained earnings. True
• Accourding to GAAP, corporations should report treasury stock as an asset. False
• In problem 13-4B on page 619, Nav-Go Enterprises would credit common stock for $1.6million on April 13. True
• Analysis of problem 13-4B indicates Nav-Go paid $6.75 a share for the treasury stock shown on its balance sheet as of January 1, 2014. True
• Analysis of Exhibit 12 on page 804 indicates Jones Corporation earned $3.45 per share from continuing operations. True
• Analysis of Exhibit 12 also indicated Jones had an extraordinary loss of$.50 per share. True
• Based on class discussion of the Rodgers Industries case, Rodgers should get a clean opinion from its auditor. True
• Analysis of Rainbow Paint Co.s financial statements starting on page 806 indicates Rainbow collect its receivables (AR), on average, in under 30 days in 2014. True
• Analysis of Rainbows financial statements also indicates Rainbow sold its products (inventory), on average, in less than 90 days in 2014. True
• Period costs are reported as expenses when incurred. True
• Product costs include direct labor, direct material, and factory overhead. False
• Direct material and direct labor are conversion costs. True