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For Each of the Following Oversights,state Whether Total Assets Will

Question 167

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For each of the following oversights,state whether total assets will be understated,overstated,or not affected.

Premises:

Responses:

Failure to record expired rent

Overstated

Failure to record depreciation

Not affected

Failure to record revenue earned but not yet received

Understated

Failure to record accrued wages

Failure to record accrued interest in the bank

Failure to convert unearned revenue to earned revenue

Premises:

Failure to record expired rent

Failure to record depreciation

Failure to record revenue earned but not yet received

Failure to record accrued wages

Failure to record accrued interest in the bank

Failure to convert unearned revenue to earned revenue

Responses:

Overstated

Not affected

Understated

Correct Answer:

Premises:

Responses:

Failure to record expired rent

Failure to record depreciation

Failure to record revenue earned but not yet received

Failure to record accrued wages

Failure to record accrued interest in the bank

Failure to convert unearned revenue to earned revenue

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