Question: Select the statement which is correct regarding the effect that reversing entries have on financial statements. Multiple choice question. Assets and revenues will be lower

Select the statement which is correct regarding the effect that reversing entries have on financial statements. Multiple choice question. Assets and revenues will be lower when reversing entries are used. Financial statement accounts are unaffected by the choice to use or not use reversing entries. Net income will be higher, but total assets will be lower. Expenses and liabilities will be higher when reversing entries are used.

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