Need help with these answers....any corrections please submit to me...thank you in advance !

1 Unearned income is not a liability. Answer: False 2 Deferred expenses are assets. Answer: True 3 By definition, accrued revenue is unearned. Answer: False 4 Accrued expenses have not been paid. Answer: True 5 Deferred income is unearned. Answer: True 6 Deferred expenses are prepaid. Answer: True 7 Prepaid expense and unearned income accounts are assets. Answer: False 8 Accrued expenses are liabilities. Answer: True 9 All else being equal, overstating deferred revenue would overstate capital. Answer: False 10 All else being equal, understating deferred expenses would overstate net income. Answer: False 11 Taxes you owe would be recorded as a deferred expense. Answer: False 12 Rent paid to you in advance would be recorded as deferred revenue. Answer: True 13 Rent paid by you in advance would be recorded as an accrued expense. Answer: False 14 Recording accrued revenue would require a debit to cash. Answer: False 15 Recording an accrued expense would require crediting a liability account. Answer: True 16 Unemployment insurance is a payroll tax. Answer: True 17 Social security is a payroll tax and a payroll deduction Answer: True 18 Payroll deductions are withheld from employees' gross pay Answer: True 19 Income tax is a payroll deduction. Answer: True 20 Analysis of Kornett Company's post closing trial balance on page 547 indicates Kornett's emp Answer: False 21 Analysis of Kornett's post closing trial balance also indicates Kornett owned $70,690 in payro Answer: True 22 There are $70,180 in payroll deductions listed on Kornett's post closing trial balance. Answer: False 23 When journalizing the formation of a partnership, assets must be recorded at cost. Answer: False 24 The net asset value of a partnership is equal to its revenue minus its expenses. Answer: False 25 Partnerships pay no income tax. Answer: True 26 Partners J, K, and L agree to share profit and loss in a 5:2:1 ratio respectively. If the partnersh Answer: True 27 When partnerships dissolve, all non-cash assets are sold and debts are paid. Answer: True 28 GAAP requires the purchase of interest method be used to account for the admission of a new Answer: False 29 During liquidation, a loss on realization will create a capital deficiency. Answer: False 30 Partners do not always have to agree on how to divide profit or loss. Answer: False 31 In Exhibit 7 on page 555 (569) cash was distributed to Farley, Greene, and Hall according to Answer: False 32 Analysis of Exibit 8 on page 557 indicates a profit sharing ratio of 1:2. Answer: True 33 When corporations sell stock at a price above par value, the stock is sold at a premium. Answer: True 34 To close a dividend account at year end would require a debit to retained earnings. Answer: True 35 According to GAAP, corporations should report treasury stock as an asset. Answer: False 36 Nav-Go Enterprises would credit common stock for $1.6 million on April 13 37 Nav-Go paid $6.75 a share for the treasury stock shown on its balance sheet as of January 1, 38 Analysis of Exhibit 12 on page 804 indicates Jones Corporation earned $3.45 per share from 39 Analysis of Exhibit 12 also indicates Jones had an extraordiary loss of $.50 per share. 40 Based on class discussion of the Rodgers Industries case, Rodgers should get a "clean" opinio 41 Analysis of Rainbow Paint Co.'s financial statements starting on page 806 indicates Rainbow 42 Analysis of Rainbow's financial statements also indicates Rainbow sold its products (inventor 43 Period costs are reported as expenses when incurred. Answer: True 44 Product costs include direct labor, direct material, and factory overhead. Answer: True 45 Direct material and direct labor are conversion costs. Answer: False 46 A larger retailer, like Walmart for example, would be more likely to use a job order cost accou Answer: False 47 Accuracy is a specific component of the IMA's guidelines for professional behavior. Answer: False 48 The IMA estimates that most accountants do not work for CPA firms Answer: True 49 Questions on the CMA exam focuses primarily on auditing and taxation Answer: False 50 A manufacturer has 10,000 units of product in finished goods and 5,000 units of product in w Answer: True state capital. verstate net income. d expense. ity account. age 547 indicates Kornett's employees earned $157,000 in gross pay as of December 31, 2016. Kornett owned $70,690 in payroll tax at year end. st closing trial balance. t be recorded at cost. inus its expenses. tio respectively. If the partnership earned $4 million in net income, K would be paid $1 million. debts are paid. count for the admission of a new partner. Greene, and Hall according to their proft sharing agreement. stock is sold at a premium. to retained earnings. as an asset. on on April 13 s balance sheet as of January 1, 2014. n earned $3.45 per share from continuing operations. y loss of $.50 per share. gers should get a "clean" opinion from its auditor. on page 806 indicates Rainbow collected its receivables (AR), on average, in under 30 days in 2014 bow sold its products (inventory), on average, in less than 90 days in 2014. overhead. ely to use a job order cost accounting system than a process cost accounting system. rofessional behavior. d taxation and 5,000 units of product in work in progress. If the work in process is 30% complete, there would be 11,500 e ays in 2014 there would be 11,500 equivalent units of product