Under International Financial Reporting Standards (IFRS) QUESTION 4 Not yet answered Marked out of 1.00 Select one a. Interim period financial statements are either a calendar year or a fiscal year P Flag question b. A fiscal year is an accounting time period encompassing less than 12 months O c Events are recorded in the period in which the event occurs. d. The cash-basis method of accounting is accepted. QUESTIONS Not yet answered Marked out of 1.00 The balance in the Prepaid Rent account before adjustment at the end of the year is R0.12,000, which represents four months' rent paid on November 1. The adjusting entry required on January 31 is to P Flag question Select one: a Debit Rent Expense, R 0.9,000; credit Prepaid Rent R.0.9.000. O b Debit Prepaid Rent, R.0.12,000; credit Rent Expense, R.0.12.000 c Debit Prepaid Rent R0.4.000; credit Rent Expense, R.0.4.000 d. Debit Rent Expense, R.0.4.000; credit Prepaid Rent, R.0.4,000