Which one of the following is a fundamental qualitative characteristic? relevance timeliness understandability comparability Some costs are not expensed but are allocated (depreciated) over a number of years. This is because management wants to minimize income taxes. accounting standards require some assets to be carried at replaceable value. some assets are consumed slower than others. the cost of the service or benefit should be associated, as best as is possible, with the accounting period and revenue to which it relates. When goods from a cash sale are returned, the effect on the seller's accounts will be a decrease in net sales. a decrease in gross sales. O an increase in net sales. an increase in gross sales. Given a perpetual inventory system which one of the following statements is false? Freight costs incurred by the buyer are added to the Inventory account. Purchases of merchandise for sale are recorded in the Inventory account. A return of merchandise is credited to the Purchase Returns and Allowances account. A discount taken for early payment is credited to the Inventory account. Roofer's Inc. had an operating line of credit of $100.000 and overdrew its bank balance to result in a negative cash balance of $33,000 at year-end. This would be reported in the statement of financial position as current liability of $33,000 a non-current liability of $67,000 a current asset of $67.000 a current asset of $133,000)