In preparing the financial statements for December 31,2014,an accountant improperly classified the payment of prepaid rent as rent expense.Which of the following amounts would not be affected by this improper classification?

Question

Quizplus · Accepted Answer

Retained earnings as of January 1, 2014, would not be affected because the error occurred during the year 2014 and does not impact the opening balance of retained earnings.

In Preparing the Financial Statements for December 31,2014,an Accountant Improperly