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< 13 If an entry to adjust uneared rent and rent revenue is not recorded at...
Question 10 0.5 pts If a company fails to adjust its unearned rent revenue pccount at...
Question 10 0.5 pts If a company fails to adjust its unearned rent revenue pccount at year-end, what effect will this have on that month's financial statements? Liabilities will be overstated and revenues will be understated. Assets will be overstated and revenues will be understated. Liabilities will be understated and revenues will be understated. Liabilities will be understated and net income will be overstates. Assets will be understated and revenues will be understated.
1- Under IFRS, which of the following is generally not a guideline for recognizing revenue? The...
1- Under IFRS, which of the following is generally
not a guideline for recognizing revenue?
The transaction price is determinable.
When (or as) the company satisfies the performance
obligation.
The contract is identified with the client.
Collection is reasonably assured.
2- If Bee Corp. fails to adjust the Unearned Rent account for
rent that has been earned, what effect will this have on that
month’s financial statements?
Liabilities will be understated and revenues will be
understated.
Assets will be understated...
A company recorded the $36,000 adjusting entry for the earning of rent received in advance by...
A company recorded the $36,000 adjusting entry for the earning of rent received in advance by debiting expenses and crediting assets $36,000. Net income is $72,000 understated B. $36,000 understated C. $36,000 overstated $72,000 overstated correctly stated
Effect of Omitting Adjusting Entry At the end of January, the first month of the business...
Effect of Omitting Adjusting Entry At the end of January, the first month of the business year, the usual adjusting entry transferring rent earned from the unearned rent account to a revenue account was omitted. Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for January and (b) the balance sheet as of January 31. Also indicate whether the items in error will be overstated or understated. a. Income Statement Revenues Expenses Net...
If the following adjusting entry is omitted, what effect will it have on the financial statements?...
If the following adjusting entry is omitted, what effect will it have on the financial statements? 1,900 Unearned Rent Rent Revenue 1,900 a. Revenues will be overstated by $1,900. O b. There will be no effect on net income. c. There will be no effect on liabilities. d. Revenues will be understated by $1,900.
A bookkeeper erroneously recorded the accrual of revenue using this journa Sales Discount Depreciation Expense The...
A bookkeeper erroneously recorded the accrual of revenue using this journa Sales Discount Depreciation Expense The effect of this error on Total Expenses and Total Assets (respectively Select one: a. No Error, Understated Ob. Overstated, Understated c. No Error, No Error Od. Understated, No Error e. Understated, Understated The Vlasik Company declared an $8 cash dividend and recorded this journal entry (assume the amount is accurate, but not necessarily the accounts): Unearned Revenue Prepaid Insurance 58 Indicate the effect of...
During the adjusting process two transactions were neglected or omitted. The first is for unearned rent...
During the adjusting process two transactions were neglected or
omitted. The first is for unearned rent revenue of which $415 was
earned during the period, the second was for accrued interest
payable of which $275 is owed for the period. As a result of these
omissions
During the adjusting process two transactions were neglected or omitted. The first is for unearned rent revenue of which $415 was earned during the period, the second was for accrued interest payable of which...
What will be the result if the adjusting entry to record the current period's depreciation on...
What will be the result if the adjusting entry to record the current period's depreciation on equipment is not recorded? O A. The assets for the period will be understated. OB. The net income for the period will be understated. OC. The net income for the period will be overstated. D. The net income for the period will not be affected.
Effect of Omitting Adjusting Entry At March 31, the end of the first month of operations,...
Effect of Omitting Adjusting Entry At March 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted. Which items will be incorrectly stated, because of the error, on (A) the income statement for March and (b) the balance sheet as of March 317 Also indicate whether the items in error will be overstated or understated, a. Income Statement Insurance Expense Net Income b. Balance Sheet Prepaid Insurance...
1. The Charleston Company pre-pays annual rent. If the adjusting entry to record the current period’s...
1. The Charleston Company pre-pays annual rent. If the adjusting entry to record the current period’s prepaid rent expired is not recorded: Select one: a. Current assets will be understated b. Net income will be overstated c. Current liabilities will be overstated d. Current liabilities will be understated e. Gross Profit will be overstated 2. Which organization is attempting to establish one set of accounting standards to be used in every country in the world? Select one: a. PCAOB b....
Question 10 0.5 pts If a company fails to adjust its unearned rent revenue pccount at year-end, what effect will this have on that month's financial statements? Liabilities will be overstated and revenues will be understated. Assets will be overstated and revenues will be understated. Liabilities will be understated and revenues will be understated. Liabilities will be understated and net income will be overstates. Assets will be understated and revenues will be understated.
1- Under IFRS, which of the following is generally
not a guideline for recognizing revenue?
The transaction price is determinable.
When (or as) the company satisfies the performance
obligation.
The contract is identified with the client.
Collection is reasonably assured.
2- If Bee Corp. fails to adjust the Unearned Rent account for
rent that has been earned, what effect will this have on that
month’s financial statements?
Liabilities will be understated and revenues will be
understated.
Assets will be understated...
A company recorded the $36,000 adjusting entry for the earning of rent received in advance by debiting expenses and crediting assets $36,000. Net income is $72,000 understated B. $36,000 understated C. $36,000 overstated $72,000 overstated correctly stated
Effect of Omitting Adjusting Entry At the end of January, the first month of the business year, the usual adjusting entry transferring rent earned from the unearned rent account to a revenue account was omitted. Indicate which items will be incorrectly stated, because of the error, on (a) the income statement for January and (b) the balance sheet as of January 31. Also indicate whether the items in error will be overstated or understated. a. Income Statement Revenues Expenses Net...
If the following adjusting entry is omitted, what effect will it have on the financial statements? 1,900 Unearned Rent Rent Revenue 1,900 a. Revenues will be overstated by $1,900. O b. There will be no effect on net income. c. There will be no effect on liabilities. d. Revenues will be understated by $1,900.
A bookkeeper erroneously recorded the accrual of revenue using this journa Sales Discount Depreciation Expense The effect of this error on Total Expenses and Total Assets (respectively Select one: a. No Error, Understated Ob. Overstated, Understated c. No Error, No Error Od. Understated, No Error e. Understated, Understated The Vlasik Company declared an $8 cash dividend and recorded this journal entry (assume the amount is accurate, but not necessarily the accounts): Unearned Revenue Prepaid Insurance 58 Indicate the effect of...
During the adjusting process two transactions were neglected or
omitted. The first is for unearned rent revenue of which $415 was
earned during the period, the second was for accrued interest
payable of which $275 is owed for the period. As a result of these
omissions
During the adjusting process two transactions were neglected or omitted. The first is for unearned rent revenue of which $415 was earned during the period, the second was for accrued interest payable of which...
What will be the result if the adjusting entry to record the current period's depreciation on equipment is not recorded? O A. The assets for the period will be understated. OB. The net income for the period will be understated. OC. The net income for the period will be overstated. D. The net income for the period will not be affected.
Effect of Omitting Adjusting Entry At March 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted. Which items will be incorrectly stated, because of the error, on (A) the income statement for March and (b) the balance sheet as of March 317 Also indicate whether the items in error will be overstated or understated, a. Income Statement Insurance Expense Net Income b. Balance Sheet Prepaid Insurance...
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