Most research shows that it is easy to develop a highly effective selling team and that a majority of sales teams today are highly effective.

A fortuitous loss is a loss that is expected to occur.

a. true b. false

The failure to properly record an adjusting entry to accrue a revenue item will result in an:

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