43. Which of the followingstatement/s is/are true aboutreversing entries? *I. Income under accrual basis can be reversed.II. Expenses under cash basis can be reversed.II. Prepaid expense recorded under expense method can be reversed.IV. Unearned income recorded under liability method can be reversed.A. I and IIIB. Il and IVO C. I, Il and IVO D. I, III and IV

Option I,III,IV are correct... I.Income under Accrual method can be reversed.. III.Prepaid Expense…

43. Which of the following statement/s islare true about reversing entries? * I. Income under accrual basis can be reversed. II. Expenses under cash basis can be reversed. III. Prepaid expense recorded under expense method can be reversed. IV. Unearned income recorded under liability method can be reversed. O A. I and II O B. Il and IV O C. I, Il and IV D. I, III and IV

43. Which of the following statement/s islare true about reversing entries? * I. Income under accrual basis can be reversed. II. Expenses under cash basis can be reversed. III. Prepaid expense recorded under expense method can be reversed. IV. Unearned income recorded under liability method can be reversed. O A. I and II O B. Il and IV O C. I, Il and IV D. I, III and IV

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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