43. Which of the following statement/s is/are true about reversing entries? * I. Income under accrual basis can be reversed. II. Expenses under cash basis can be reversed. II. Prepaid expense recorded...

Extracted text: 43. Which of the following statement/s is/are true about reversing 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 III B. Il and IV O C. I, Il and IV O D. I, III and IV