if an accountant erroneously records an $8000 credit to acc payable instead of a
ID: 2416185 • Letter: I
Question
if an accountant erroneously records an $8000 credit to acc payable instead of an $8000 to the cash acc, the acc payable wiil be a)understated by $8000 b)overstated by $8000 c)understated by $16000 d)overstated by $16000 e)correct since the erroneous entry caused the trial balance equal
failure to record depriciation at year end will a) overstate totsl liabilities b)understate assets c)overstate asset d)understate owners equity c)overstate revenue
purchase of office supplies on account would include a debit to acc payable and credit to office supplies a) true b) false
what is the concept tht differentiates a corp from its manager a)going concern b)reliability c)cost benefit criterion d)entity e)materiality
which of the following transection would not affect owners equity a) recording cost of good sold b)recording of cash sale c)recording a sale on acc d)recording utility expense e)purchasing inventory for cash
Explanation / Answer
Account payable will be overstated by $8000
overstate total liability as net income will be high because of not taking depreciation
false. As it is debit to office supplies and credit to accouint payable
entity
purchasing inventory for cash as it effects only asset side in balance sheet
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