Question
A company forgot to record four adjustments during 2017. Which one of the following omissions of adjustments will overstate assets? a. Sales made during the
A company forgot to record four adjustments during 2017. Which one of the following omissions of adjustments will overstate assets?
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| a. | Sales made during the last week of the period are not recorded. |
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| b. | Interest on monies borrowed has not yet been recorded. |
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| c. | Prepaid insurance is not reduced for the portion of the policy that has expired during the period. |
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| d. | Income taxes owed but not yet paid are ignored. |
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Managerial Accounting
Authors: Ronald W Hilton
7th Edition
0073022853, 978-0073022857
