Multiple Choice
The accountant for Wilson Consulting Company failed to make an adjusting entry to record $3,000 of unearned service revenue that has now been earned.Which of the following is TRUE?
A) Total liabilities are overstated.
B) Total liabilities are understated.
C) Total assets are overstated.
D) Total assets are understated.
Correct Answer:
Verified
Correct Answer:
Verified
Q106: Which of the following statements BEST mirrors
Q107: Hank's Tax Planning Service bought computer equipment
Q108: Under cash-basis accounting,an expense is recorded ONLY
Q109: Adjusting entries NEVER involve:<br>A) expenses.<br>B) cash.<br>C) liabilities.<br>D)
Q110: The accountant for Barnes Architectural Services failed
Q112: Under accrual basis accounting,revenue is recorded ONLY
Q113: The accountant for Jones Auto Repair Company
Q114: Which of the following entries would
Q115: Robert Rogers,CPA owns a computer used for
Q116: In accounting,the matching principle means to match