What is the purpose of payroll-related accrual and reversal entries on financial statements? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Reversing entries represent disbursement of accrued payroll prior to the end of the payroll period. Reversing entries are omitted from financlal statements. Accrual entries are used to improve the accuracy of the net Income for a period. Accrual entries represent payroll amounts earned but not yet pald