Question
On December 31, 2017, the bookkeeper at Thrush Corp. did not record special insurance costs that had been incurred (but not yet paid), related to
On December 31, 2017, the bookkeeper at Thrush Corp. did not record special insurance costs that had been incurred (but not yet paid), related to a building that Thrush Corp. is constructing. What is the effect of the omission on accrued liabilities and retained earnings in the December 31, 2017 statement of financial position? Accrued Liabilities Retained Earnings
a) no effect no effect
b) no effect overstated
c) understated no effect
d) understated overstated
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ANSWER understted n effet When exenses re rued this mens tht n rued libilities unt is inresed while ...
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Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni
13th edition
1259444953, 978-1259444951
