Failure to record the used portion of supplies on hand during the month has the following effect on the financial statements prepared at the end of the month

Name: Failure to record the used portion of supplies on hand during the month has the following effect on the financial statements prepared at the end of the month
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Not recording the used portion of supplies results in an overstatement of assets because the supplies account will show a higher balance than what is actually available.

Failure to Record the Used Portion of Supplies on Hand