Question: please answer all questions 10. Failure to record the expired amount of Prepaid Insurance Expense would NOT a. understate expenses b. overstate net income. c.

please answer all questions please answer all questions 10. Failure to record the expired amount of

10. Failure to record the expired amount of Prepaid Insurance Expense would NOT a. understate expenses b. overstate net income. c. overstate owners' equity. d. understate liabilities. 11. Which of the following statements regarding accrual versus cash-basis accounting is TRUE? a. The FASB believes that cash-basis accounting is appropriate for some smaller companies, especially those in the service industry. b. Cash-basis accounting is sometimes used by small, unincorporated businesses. c Application of cash-basis accounting results in an income statement reporting revenues and expenses. d. Cash-basis accounting requires a complete set of double-entry records. 12. The use of computers in processing accounting data a. places responsibility on the information systems designer. b. eliminates the double-entry system as a basis for analyzing transactions. c eliminates the need for financial reporting standards such as those promulgated by the FASB. d. always increases document trails used to verify accounting records

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