Question: Question 16 (1 point) Adjusting entries are used to record the effects of internal economic events. True False Question 17 (1 point) Failure to

Question 16 (1 point) Adjusting entries are used to record the effects of internal economic events. True False Question 17 (1 point) Failure to record depreciation expense will overstate the asset and understate the expense. True False Question 18 (1 point) The cash basis of accounting commonly results in financial statements that are not comparable from period to period.

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