The accountant for Noble Jewellery Repair Services forgot to make an adjusting entry for Depreciation expense for the current year. Which of the following is one of the effects of this error?
A) Total assets are understated.
B) Profit is overstated.
C) Total liabilities are understated.
D) Profit is understated.
Correct Answer:
Verified
Q25: Prepaid rent is an expense account.
Q39: Adjusting entries NEVER involve:
A)expenses.
B)revenues.
C)liabilities.
D)cash.
Q41: At the end of the current year,
Q42: Entries that record an expense before the
Q44: What is the effect of the adjusting
Q45: Unearned revenue would be classified as a(n)account.
A)equity
B)asset
C)liability
D)revenue
Q46: In the case of a prepaid expense,the
Q46: The entry to record depreciation includes a
Q47: Accrued revenue is revenue that:
A)will be collected
Q48: An adjusting entry that credits Salaries payable
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents