At the end of the fiscal year, the usual adjusting entry to Prepaid Insurance to record expired insurance was omitted. Which of the following statements is true?
A) Total assets at the end of the year will be understated.
B) Owner's equity at the end of the year will be understated.
C) Net income for the year will be overstated.
D) Insurance Expense will be overstated.
C
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The sports memorabilia, that I purchase last month on the internet, is no longer available
What will be an ideal response?
At the current year-end, Ruiz Company found that its overhead was underapplied by $2,500, and this amount was not considered material. Based on this information, Ruiz should:
A. do nothing about the $2,500, since it is not material, and it is likely that overhead will be overapplied by the same amount next year. B. close the $2,500 to Cost of Goods Sold. C. carry the $2,500 to the next period. D. close the $2,500 to Finished Goods Inventory. E. carry the $2,500 to the income statement as "Other Expense".
A listener may raise an ______ question, one that could throw your presentation off track
Fill in the blank(s) with the appropriate word(s).
All of the following are true of a home equity loan except it
A) provides you with a line of credit or a lump sum of money, depending on the type of loan. B) is a good way to combine different kinds of debt. C) may be tax deductible. D) allows you to borrow up to 20% of the market value of your home.