42) The adjustment for accrued wages included the entire pay period, some of which occurs next month. This would: A) understate the end of period liabilities. B) overstate the period’s net income. C) overstate the end of period liabilities. D) None of these are correct. 63) The entry to replenish the petty cash fund debited Supplies instead of Postage Expense. This would cause: A) expenses to be overstated. B) revenues to be understated. C) expenses to be understated. D) revenues to be overstated. 71) When calculating the payroll the clerk forgot about the tax ceilings. A) SUTA could be overstated. B) FICA-OASDI could be overstated. C) FUTA could be overstated. D) All of these could be correct. 84) Payment for merchandise sold on credit for $100 subject to 2/10 n/30 was received within the discount period - $98 was received. This was recorded with a debit to Sales Discounts for $2, a debit to Cash for $98, and a credit to Accounts Receivable100, but no mention was made of the subsidiary ledger account. This error will cause: A) the net income for the period to be overstated. B) the net income for the period to be understated. C) the assets to be overstated. D) the control account to not agree with the subsidiary ledger. 99) When an asset is exchanged for a similar asset and a gain results, under accounting rules the gain is: A) subtracted from the cost of the new asset. B) credited to Gain on Exchange of an Asset. C) absorbed into the cost of the new asset. D) recorded in the other income section of the income statement. 100) Salvage value was ignored using units-of-production depreciation. This error would cause: A) the period’s net income will be understated. B) the period’s net income will be overstated. C) the period end assets will be overstated. D) None of these are correct.