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Explain what the financial statements are

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Reference no: EM132432026

Question -

Q1. What is the impact on the financial statements if an adjusting entry for deferred expense is not made?

A. Assets understated

B. Expenses understated

C. Expenses overstated

D. Both A and B

Explain why?

Q2. Jane Jones is an aspiring entrepreneur and your friend. She is having difficulty understanding the purpose of financial statements and how they fit together across time. Explain what the financial statements are and how these will help her understand her business.

Reference no: EM132432026

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