For each of the following oversights, state whether total assets will be understated (U), overstated (O),...
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For each of the following oversights, state whether total assets will be understated (U), overstated (O), or not effected (NE). 1. 2. 3. 4 5, 6. Failure to record the earned portion of unearned revenues. Failure to record depreciation.. Failure to record accrued wages Failure to record expired (used) prepaid rent. Failure to record accrued interest on a note receivable. Failure to record revenue earned but not yet received. For each of the following oversights, state whether total assets will be understated (U), overstated (O), or not effected (NE). 1. 2. 3. 4 5, 6. Failure to record the earned portion of unearned revenues. Failure to record depreciation.. Failure to record accrued wages Failure to record expired (used) prepaid rent. Failure to record accrued interest on a note receivable. Failure to record revenue earned but not yet received.
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Answer rating: 100% (QA)
Understated U Unearned revenues are recorded as liabilities until they are earned and failure to rec... View the full answer
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Posted Date:
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