Question 14 (1 point) Failure to record a liability will probably O result in overstated total assets. have no effect on net income. d d result in overstated net income. O result in overstated total liabilities and shareholders' equity. Question 15 (1 point) The cumulative effect of the declaration and payment of a cash dividend on a company's financial statements is to increase both total assets and shareholders' equity. d decrease both total assets and shareholders' equity. decrease both total liabilities and shareholders' equity. increase both total expenses and total liabilities. Question 16 (1 point) Which of the following statements is false? Most notes and bank loans are non-interest bearing. o d d Notes payable usually require the borrower to pay interest. Notes payable are sometimes used instead of accounts payable. Notes payable reflect a promise to repay a specified amount of money either at a fixed future date or on demand