Accrual and deferral errors: can affect different statements; it depends on the type of the error...
Accrual and deferral errors: can affect different statements; it depends on the type of the error affect the income statement only affect the balance sheet only affect both the income statement and the balance sheet
Homework Answers
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Accrual and deferral errors: can affect different statements; it
depends on the type of the error...
please answer 28-32 28. At year end, a physical count of office supplies reveals that $7,000...
please answer 28-32
28. At year end, a physical count of office supplies reveals that $7,000 of ou plies were used up but no adjusting entry was made to account for thie If this error is found, it will most likely be because ... a. the trial balance would be out of balance by $7,000 b. the trial balance would be out of balance by $14,000 c. the trial balance would be out of balance by $3,500 d. none of...
QUESTION 1 Prepaid Services is an example of An asset created by an accrual. An...
QUESTION 1 Prepaid Services is an example of An asset created by an accrual. An asset created by a deferral. A liability created by a deferral. A liability created by an accrual QUESTION 2 The Debt to Equity Ratio relates to: A more stringent ability to calculate liquidity The payment of debt's principals. The interest payments associated with debt The ability to meet short-term obligations QUESTION 3 Temporary accounts include: Cash Inflows and Outflows to be displayed...
on a trial balance there is Montering Correction of Accounting Errors Section 4-CORRECTING CURRENT PERIOD ACCRUAL...
on a trial balance there is
Montering Correction of Accounting Errors Section 4-CORRECTING CURRENT PERIOD ACCRUAL ERRORS 1. If you accrue expenses of $130 instead of S1 So, the financial statements will overstate assets and understate expenses b. understate prepaid expenses c. understate both liabilities and expenses d. overstate liabilities 2. On November 1, 20X4, ComCo debits Cash and credits Notes Payable for $20,000 for note maturing May 1, 20X5. At that time, ComCo must repay the entire $20,000 plus...
2. An instance of _________ describes system errors. If this type of error occurs, there is...
2. An instance of _________ describes system errors. If this type of error occurs, there is little you can do beyond notifying the user and trying to terminate the program gracefully. a. RuntimeException b. Exception c. Error d. Throwable e. NumberFormatException
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts....
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accounts D. Affect only cash flow statements. 2. The principle that requires expenses to be reported in the same period as the revenues that were earned as a result of those expenses is the: A. Recognition principle. B. Cost principle. C. Cash basis of accounting D. Matching principle. 3. A company made no adjusting entry for...
1. Record the following adjusting entries to reflect the accrual and deferral of expense and revenue...
1. Record the following adjusting entries to reflect the accrual
and deferral of expense and revenue for the ending of December
31.
2.After you have journalized and posted the transactions, record
the adjusting entries on the worksheet.
a - Recognized the interest income accumlated on $5,000 note
bearing interest of 10% dated a month before the accounting
period.
b- Interest expense incurred but not yet paid on the promissory
note amounted to $50.
c- Recognized that the cleaning income which...
Describe why you think different inventory cost flow assumptions affect the income statement and the balance...
Describe why you think different inventory cost flow assumptions affect the income statement and the balance sheet. Include in your answer a description of the matching concept that applies to the inventory cost flows and another description with an example about how the inventory flow assumptions affect the income statement and the balance sheet
— 14. A trial balance is prepared to a. discover errors that affect the equality of...
— 14. A trial balance is prepared to a. discover errors that affect the equality of debits and credits b. prove that no errors were made in posting to the ledger c. prove that each account balance is correct d. prove that there were no errors made in recording transactions into the journal 15. If the two totals of a trial balance are not equal, it could be due to a. an error in determining the account balances, such as...
CGALLENE 4.2: More syntax errors. ACTIVITY Each cout statement has a syntax error. Type the first...
CGALLENE 4.2: More syntax errors. ACTIVITY Each cout statement has a syntax error. Type the first cout statement, and press Run to observe the error message. Fix the error, and run again. Repeat for the second, then third, cout statement cout << "Num: "<< songnum << endl; cout << int songNum << endl; cout << songNum " songs" << endl; Note: These activities may test code with different test values. This activity will perform two tests: the first with songNum-5,...
If Jefferson Mills buys a $700 machine on account, this transaction will affect the income statement,...
If Jefferson Mills buys a $700 machine on account, this transaction will affect the income statement, retained earnings statement, and balance sheet income statement and retained earnings statement only income statement only, balance sheet only.
please answer 28-32
28. At year end, a physical count of office supplies reveals that $7,000 of ou plies were used up but no adjusting entry was made to account for thie If this error is found, it will most likely be because ... a. the trial balance would be out of balance by $7,000 b. the trial balance would be out of balance by $14,000 c. the trial balance would be out of balance by $3,500 d. none of...
on a trial balance there is
Montering Correction of Accounting Errors Section 4-CORRECTING CURRENT PERIOD ACCRUAL ERRORS 1. If you accrue expenses of $130 instead of S1 So, the financial statements will overstate assets and understate expenses b. understate prepaid expenses c. understate both liabilities and expenses d. overstate liabilities 2. On November 1, 20X4, ComCo debits Cash and credits Notes Payable for $20,000 for note maturing May 1, 20X5. At that time, ComCo must repay the entire $20,000 plus...
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accounts D. Affect only cash flow statements. 2. The principle that requires expenses to be reported in the same period as the revenues that were earned as a result of those expenses is the: A. Recognition principle. B. Cost principle. C. Cash basis of accounting D. Matching principle. 3. A company made no adjusting entry for...
1. Record the following adjusting entries to reflect the accrual
and deferral of expense and revenue for the ending of December
31.
2.After you have journalized and posted the transactions, record
the adjusting entries on the worksheet.
a - Recognized the interest income accumlated on $5,000 note
bearing interest of 10% dated a month before the accounting
period.
b- Interest expense incurred but not yet paid on the promissory
note amounted to $50.
c- Recognized that the cleaning income which...
— 14. A trial balance is prepared to a. discover errors that affect the equality of debits and credits b. prove that no errors were made in posting to the ledger c. prove that each account balance is correct d. prove that there were no errors made in recording transactions into the journal 15. If the two totals of a trial balance are not equal, it could be due to a. an error in determining the account balances, such as...
CGALLENE 4.2: More syntax errors. ACTIVITY Each cout statement has a syntax error. Type the first cout statement, and press Run to observe the error message. Fix the error, and run again. Repeat for the second, then third, cout statement cout << "Num: "<< songnum << endl; cout << int songNum << endl; cout << songNum " songs" << endl; Note: These activities may test code with different test values. This activity will perform two tests: the first with songNum-5,...
If Jefferson Mills buys a $700 machine on account, this transaction will affect the income statement, retained earnings statement, and balance sheet income statement and retained earnings statement only income statement only, balance sheet only.
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