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QUESTION 2 Failing to accrue expenses that have not been paid in cash will cause a company to report Understated liabilities and operating expenses O Understated liabilities and net income O Overstated assets and net income O Overstated net income and liabilities QUESTION 3 An account that is classified as a contra-revenue: O may include sales discounts and credit card service fees. O is subtracted from accounts receivable to determine net receivables, O typically has a credit balance. O is subtracted from gross sales revenue to determine net sales revenue