Question
1)A credit to a liability account was posted to the capital account. This would cause: A) assets to be overstated. B) liabilities to be understated.
1)A credit to a liability account was posted to the capital account. This would cause:
A) | assets to be overstated. | |
B) | liabilities to be understated. | |
C) | owner's equity to be understated. | |
D) | net income to be overstated. |
2) A credit to an asset account was posted to an expense account. This would cause:
A) | assets to be overstated. | |
B) | liabilities to be understated. | |
C) | capital to be understated. | |
D) | expenses to be understated. |
3) A debit to an expense account was posted to an asset account. This would cause:
A) | assets to be overstated. | |
B) | liabilities to be understated. | |
C) | capital to be understated. | |
D) | expenses to be overstated. |
4) A debit to the Capital account was posted to an expense account. This would cause:
A) | assets to be overstated. | |
B) | liabilities to be understated. | |
C) | capital to be overstated. | |
D) | expense to be overstated. |
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