The world economy has remained static over the past 60 years

The failure to properly record an adjusting entry to accrue an expense will result in an:

a. understatement of expenses and an understatement of liabilities. b. understatement of expenses and an overstatement of liabilities. c. understatement of expenses and an overstatement of assets. d. overstatement of expenses and an understatement of assets.

A homestead is considered terminated when:

a. the home is rented to a tenant b. a final decree of divorce is granted c. the home is sold d. an abstract of judgment is recorded