A company forgot to record four adjustments during 2013 . Which one of the following omissions of adjustments will understate net income?
a. Sales made during the last week of the period are not recorded.
b. Interest on monies borrowed has not yet been recorded.
c. Prepaid insurance is not reduced for the portion of the policy that has expired during the period.
d. Income taxes owed but not yet paid are ignored.
a
You might also like to view...
In preparing adjustments on the work sheet, which of the following accounts most likely would be added to the Account Name column?
a. Telephone Expense b. Retained Earnings c. Income Taxes Payable d. Accumulated Depreciation–Equipment
Despite the expense, many organizations still use ______ heavily because it works very well.
A. simulations B. on-the-job training C. job instructional training D. e-learning
When a voucher system is used, an invoice approval is not needed as long as the purchase is evidenced by an invoice and purchase order.
Answer the following statement true (T) or false (F)
Securities sold under Regulation A must be registered if they are resold
a. True b. False Indicate whether the statement is true or false