Hello! I just need explanation per number because it is already answered correctly (the answer is in bold and italicized), so i'm just gonna ask for the explanation (brief) per number thank you! the answer is already given just explain why that is the answer, thanks

11. An accountant failed to adjust the unearned income account for services that are already earned as of year- end. Which of the following is correct?

a. Assets are understated. b. Liabilities are overstated. c. Liabilities are understated. d. Income is overstated.

22. Statement 1: If financial statements will be prepared after a company ended its operations. Statement 2: Dividing the economic life of a business into artificial time periods is called time-period assumption.

a. Both statements are correct. b. Both statements are incorrect. c. Only Statement 1 is correct. d. Only Statement 1 is incorrect.

23. The revenue recognition principle states that:

a. Revenue should be recognized in the accounting period in which a performance obligation is satisfied. b. Expenses should be matched with revenues. c. The economic life of a business can be divided into artificial time periods. d. The fiscal year should correspond with the calendar year.

24. Which of the following statements about the accrual basis of accounting is false?

a. Events that change a companys financial statements are recorded in the periods in which the events occur. b. Revenue is recognized in the period in which services are performed. c. This basis is in accord with generally accepted accounting principles. d. Revenue is recorded only when cash is received, and expense is recorded only when cash is paid.

25. Adjustments for prepayments initially recorded under the asset method:

a. Decrease assets and increase revenues. b. Decrease expenses and increase assets. c. Decrease assets and increase expenses. d. Decrease revenues and increase assets.

26. Which of the following is correct regarding adjustments for accrued revenues?

a. Have a liabilities-and-revenues-account relationship. b. Have an assets-and-revenues-account relationship. c. Decrease assets and revenues. d. Decrease liabilities and increase revenues.

27. Which of the following statements is incorrect concerning the adjusted trial balance?

a. An adjusted trial balance proves the equality of the total debit balances and the total credit balances in the ledger after all adjustments are made. b. The adjusted trial balance provides as the primary basis for the preparation of financial statements. c. The adjusted trial balance provides a list of all permanent accounts with its corresponding balances after the closing entries. d. The adjusted trial balance is prepared after the adjusting entries have been journalized and posted.

28. The unadjusted trial balance shows Supplies P0.00 and Supplies Expense P1,500. If P800 of supplies are on hand at the end of the period, the adjusting entry is:

a. Debit Supplies P800 and credit Supplies Expense P800. b. Debit Supplies Expense P800 and credit Supplies P800. c. Debit Supplies P700 and credit Supplies Expense P700. d. Debit Supplies Expense P700 and credit Supplies P700.

29. When Apples Company purchased supplies worth P500, it incorrectly recorded a credit to Supplies for P5,000 and a debit to Cash for P5,000. Before correcting this error:

a. Cash is overstated and Supplies is overstated. b. Cash is understated and Supplies is understated. c. Cash is understated and Supplies is overstated. d. Cash is overstated and Supplies is understated.

30. When a net loss has occurred, Income Summary is:

a. Debited and Owners Capital is credited. b. Credited and Owners Capital is debited. c. Debited and Owners Drawings is credited. d. Credited and Owners Drawings is debited.

31. ABC Company shows that Cash of P100 were received at the time the service was performed was journalized and posted as a debit to Cash P100 and a credit to Accounts Receivable P100. Assuming the incorrect entry is not reversed, the correcting entry is:

a. Debit Service Revenue P100 and credit Accounts Receivable P100. b. Debit Accounts Receivable P100 and credit Service Revenue P100. c. Debit Cash P100 and credit Service Revenue P100. d. Debit Accounts Receivable P100 and credit Cash P100.