Question 14 1 Point Decide whether the error may or may not be revealed by drafting a trial balance: Depreciation expense for P24,250 (half-year accrual) was posted as debit to Depreciation expense P48,500, credit to Accumulated Depreciation, P24,250. Can be revealed; partial omission May not be revealed; mathematical error Can be revealed; different amounts posted May not be revealed; incorrect account Question 15 1 Point Decide whether the error may or may not be revealed by drafting a trial balance: An interest expense computed for P48,500 was posted as debit to interest expense P18,500, credit to interest payable P48,500 Can be revealed; partial omission May not be revealed; mathematical error Can be revealed; multiple entry May not be revealed; incorrect account Question 16 Failure to recognize the accrual of income earned but not yet collected will A understate assets and overstate net income understate assets and understate net income (C) overstate liability and overstate net income understate liability but overstate net income Question 17 1 Point 1 Point Which of the following best describes accrued revenue? An adjusting entry in which revenue is recognized after the related cash receipt occurs An adjusting entry in which expense is recognized after the related cash payment occurs An adjusting entry in which revenue is recognized before the related cash receipt occurs An adjusting entry in which expense is recognized before the related cash payment occurs Question 18 Which of the following is an example of accrued expense? Interest prepaid during the year but will be utilized next year (B) Rental revenue earned during the year but to be received next year Depreciation expense for equipment purchased last year Property tax incurred during the year to be paid next year 1 Point