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Question 124 Everything Bikes is owed $550 rent, which has not been received by 31 December 2018, the last day of the accounting period. The adjusting entry on that date is: O a. DR Rent expense $550; CR Accrued Rent $550. O b. DR Cash at Bank $550; CR Rent receivable $550. O c. DR Rent receivable $550; CR Rent income $550. O d. DR Rent income $550; CR Rent receivable $550. Question 119 Adjustments which are necessary because cash for expenses is paid in advance or cash from income is received before the provision of goods or services are called: O a. deferrals/prepayments. O b. temporary adjustments. . accruals. O d. recorded adjustments. Question 133 If an adjustment for depreciation is not recorded for the year, the effect on the financial statements will be: O a. Assets are overstated; profit is overstated O b. Assets are overstated; profit is understated Assets are understated; profit is overstated O d. Assets are understated; profit is understated Question 70 Which accounting concept relates to the extent to which information can be omitted, misstated or grouped with other information without misleading the users of that information in their decision- making? Select one: O a. Relevance O b. Verifiability O c. Materiality O d. Economic substance Question 71 Which qualitative characteristic improves the usefulness of financial reporting information by enabling the users to identify similarities in and differences between two sets of economic data? Select one: O a. comparability. O b. economic substance. O c. relevance. O d. timeliness