Question
On July 1, 2000, CriCo takes out a 10%, $10,000 note payable that is due on July 1, 2001. No interest is accrued at year-end
On July 1, 2000, CriCo takes out a 10%, $10,000 note payable that is due on July 1, 2001. No interest is accrued at year-end 2000.
If the error is not discovered until July 1, 2001:
A) it will require a prior period adjustment
B) it will require a current period adjustment
C) it will require both a and b
D) it will require no correction
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Cambridge IGCSE And O Level Accounting Coursebook
Authors: Catherine Coucom
2nd Edition
1316502775, 978-1316502778
