At the end of the fiscal year, the usual adjusting entry to recognize accrued revenues was omitted. Which of the following is true?
A. total assets will be understated at the end of the current year
B. the balance sheet and income statement will be misstated but the statement of stockholders' equity will be correct for the current year
C. net income will be overstated for the current year
D. total liabilities will be understated
Answer: A
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Indicate whether the statement is true or false
Electrical costs at one of Rome Corporation's factories are listed below: Machine-Hours Electrical CostMarch458 $1,007April423 $934May440 $979June409 $902July426 $952August372 $822September414 $926October431 $949November468 $1,025 Management believes that electrical cost is a mixed cost that depends on machine-hours. Using the high-low method, the estimate of the variable component of electrical cost per machine-hour is closest to:
A. $1.80 B. $0.47 C. $2.11 D. $2.21
Which of the following includes activities performed more quickly than they normally would be performed?
A) relaxed program B) floating program C) reduced program D) crashed program
Accounting for long-term investments in held-to-maturity securities requires companies to record interest revenue as it is earned.
Answer the following statement true (T) or false (F)