6. Which of the following is an error of principle? A) Posting on the wrong side of an accountB) Entering the wrong amountC) Recording a capital expense as a revenue expenseD) Double postingneed help
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6. Which of the following is an error of principle?
A) Posting on the wrong side of an account
B) Entering the wrong amount
C) Recording a capital expense as a revenue expense
D) Double posting
need help
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Solved in 2 steps
- The account used to record errors until they are resolved is: A) Reserve AccountB) Capital AccountC) Suspense AccountD) Control Accounti need helpWhich of the following would not overstate current-period net income?a. Capitalizing an expenditure that should be expensed.b. Failing to record a liability as an expense.c. Failing to record a check paying an item in Vouchers Payable.d. All of the above would overstate net income.Do not answer any optional questions all will unhelpful. The account used to record errors until they are resolved is: A) Reserve AccountB) Capital AccountC) Suspense AccountD) Control Account
- Need help ! 4. If total debits exceed total credits on a trial balance, the difference is most likely:A. A net lossB. A recording errorC. A net incomeD. An overstatement of assetsWhich of the following is a limitation of the direct write-off method of accounting for uncollectible? The direct write-off method overstates assets on the balance sheet. The direct write-off method does not match expenses against revenue very well. The direct write-off method does not set up an allowance for uncollectible. All of the aboveWhat type of account is “Allowance for Doubtful Accounts”?A. ExpenseB. Contra AssetC. LiabilityD. Revenue
- A B UD C |7. If bad debts expense is determined by estimating uncollectible accounts receivable, the entry to record the write-off of a specific uncollectible account would decrease: allowance for uncollectible accounts. net income. net book value of accounts receivable. bad debts expense. 8. If management intentionally underestimates bad debts expense, then net income is A overstated and assets are understated. B understated and assets are overstated C understated and assets are understated. D overstated and assets are overstated 9. Which of these items will not appear in the retained earnings statement? A Net Loss B Prior period adjustment, net of taxes с Cumulative effect on prior years of a change in accounting principles, net of tax D Dividends. E All of the above appear in the statement of retained earningsNo AI Which account is increased with a credit?a) Assetb) Expensec) Revenued) Drawingno AI use Which of the following is shown in the debit side of a trial balance? A) CapitalB) Bank OverdraftC) DrawingsD) Outstanding Salary