If the credit to record the purchase of supplies on account is not posted, A: Liabilities will be understated. B: Expenses will be overstated. C: Assets will be understated. D: Stockholders’ equity will be understated.
If the credit to record the purchase of supplies on account is not posted, A: Liabilities will be understated. B: Expenses will be overstated. C: Assets will be understated. D: Stockholders’ equity will be understated.
Net assets A: Overstated by $90 B: Understated by $90 C: Overstated by $180 D: Understated by $180
Net assets A: Overstated by $90 B: Understated by $90 C: Overstated by $180 D: Understated by $180
Mr. Write gives a cash discount of $40 to a customer. The discount is credited to the discounts allowed account.The effect of recording the discount in this way is that profit will be: A: correct B: overstated by $80 C: understated by $80 D: understated by $40
Mr. Write gives a cash discount of $40 to a customer. The discount is credited to the discounts allowed account.The effect of recording the discount in this way is that profit will be: A: correct B: overstated by $80 C: understated by $80 D: understated by $40
COHERENT () A: logical B: understated C: overheard D: audible E: persistent
COHERENT () A: logical B: understated C: overheard D: audible E: persistent
Stock purchased was debited incorrectly to the motor vehicles account. The effect on the profit and loss account would be ？ A: Asset unaffected B: Asset understated C: Profit unaffected D: Profit affected
Stock purchased was debited incorrectly to the motor vehicles account. The effect on the profit and loss account would be ？ A: Asset unaffected B: Asset understated C: Profit unaffected D: Profit affected