Improperly capitalizing expenses results in: Select one: a. Accurate financial statements b. Overstated Owner’s Equity c....
Improperly capitalizing expenses results in:
Select one:
a. Accurate financial statements
b. Overstated Owner’s Equity
c. Understated Owner’s Equity
d. Understated Net Income
Homework Answers
| Option D is the answer | ||
|
Improperly capitalizing expenses results in the improper matching of expenses with their revenues thereby understating the net income. Comment if you face any issues |
Add Answer to:
Improperly capitalizing expenses results in:
Select one:
a. Accurate financial statements
b. Overstated Owner’s Equity
c....
If the prepaid expenses adjustment was not made, Select one: a. liability will be overstated, equity...
If the prepaid expenses adjustment was not made, Select one: a. liability will be overstated, equity understated and expenses understated. b. assets understated, equity understated and expenses overstated. c. assets overstated, equity overstated, and expenses understated. d. assets understated, equity understated and expenses understated.
Given the following data: Net Income is: Select one: a. Overstated $24 b. Understated $6 c....
Given the following data: Net Income is: Select one: a. Overstated $24 b. Understated $6 c. Overstated $16 d. Understated $15 e. Understated $14 Overstated Understated Sales Returns Ending Inventory Freight Out $4 $15
If the accrued revenues adjustment was not made, Select one: a. liabilities will be understated, equity...
If the accrued revenues adjustment was not made, Select one: a. liabilities will be understated, equity overstated, and revenues understated. b. assets will be understated, equity understated and revenue understated. c. assets will be overstated, equity overstated, and revenues understated. d. liabilities will be overstated, equity understated and revenues understated.
Under IFRS,the name of statement of owner’s equity is changed to: Select one: a. statement of...
Under IFRS,the name of statement of owner’s equity is changed to: Select one: a. statement of changes in equity b. statement of financial position c. statement of proprietor’s equity d. statement of equity
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...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one:...
1.Indicate the proper journal entry to record payment of a cash dividend previously declared: Select one: a. Debit Cash, credit Dividend Payable b. Debit Dividends, credit Cash 2.A bookkeeper erroneously recorded a $7 accrual of wages payable using this journal entry: Sales Discount $7 Inventory $7 Indicate the effect of the error on Expenses, Assets, and Liabilities, respectively: Select one: a. No Error, Understated, No Error b. Overstated, No Error, Understated c. Understated, Understated, Understated d. No Error, No Error,...
If an adjustment for depreciation is omitted from the financial reports the effect is: Select one:...
If an adjustment for depreciation is omitted from the financial reports the effect is: Select one: O a. Assets are understated; profit is understated O b. Assets are overstated; profit is understated O c. Assets are understated; profit is overstated O d. Assets are overstated; profit is overstated
If an adjustment for accrued income is omitted from the financial reports the effect is: Select...
If an adjustment for accrued income is omitted from the financial reports the effect is: Select one: O a. assets are overstated; profit is understated. O b. assets are understated; profit is overstated. O c. assets are overstated; profit is overstated. O d. assets are understated profit is understated
1.Given: Net Income is: Select one: a. Understated $16 b. Understated $24 c. Overstated $6 d....
1.Given:
Net Income is:
Select one:
a. Understated $16
b. Understated $24
c. Overstated $6
d. Understated $26
e. Understated $10
2.
Case Corp. had accounts payable of $100,000 recorded in the
general ledger as of December 31, 2012. The Accounts Payable
balance included the following recorded purchases on credit:
In Case’s December 31, 2012 balance sheet, the accounts payable
should be reported in the amount of:
Select one:
a. $125,000
b. $92,000
c. $121,000
d. $79,000
e. $75,000
3....
Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the unadjusted...
Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial balance. Cole Designs Inc. Income Statement For the Year Ended December 31, 20Y3 Fees earned $69,400 Wages expense (44,600) Net income $24,800 Cole Designs Inc. Balance Sheet December 31, 20Y3 Assets Cash Accounts receivable Supplies Prepaid insurance Office equipment Total assets Liabilities Unearned fees Stockholders' Equity $4,250 31,800 3,650 4,600 11,000 $55,300 $10,100 Chapter 3 Quiz Calculator $10,100 Unearned fees Stockholders' Equity Common...
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...
If an adjustment for depreciation is omitted from the financial reports the effect is: Select one: O a. Assets are understated; profit is understated O b. Assets are overstated; profit is understated O c. Assets are understated; profit is overstated O d. Assets are overstated; profit is overstated
If an adjustment for accrued income is omitted from the financial reports the effect is: Select one: O a. assets are overstated; profit is understated. O b. assets are understated; profit is overstated. O c. assets are overstated; profit is overstated. O d. assets are understated profit is understated
1.Given:
Net Income is:
Select one:
a. Understated $16
b. Understated $24
c. Overstated $6
d. Understated $26
e. Understated $10
2.
Case Corp. had accounts payable of $100,000 recorded in the
general ledger as of December 31, 2012. The Accounts Payable
balance included the following recorded purchases on credit:
In Case’s December 31, 2012 balance sheet, the accounts payable
should be reported in the amount of:
Select one:
a. $125,000
b. $92,000
c. $121,000
d. $79,000
e. $75,000
3....
Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial balance. Cole Designs Inc. Income Statement For the Year Ended December 31, 20Y3 Fees earned $69,400 Wages expense (44,600) Net income $24,800 Cole Designs Inc. Balance Sheet December 31, 20Y3 Assets Cash Accounts receivable Supplies Prepaid insurance Office equipment Total assets Liabilities Unearned fees Stockholders' Equity $4,250 31,800 3,650 4,600 11,000 $55,300 $10,100 Chapter 3 Quiz Calculator $10,100 Unearned fees Stockholders' Equity Common...
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