Failure to record depreciation at year end will result in all of the following e

Question

Failure to record depreciation at year end will result in all of the following except

Understatement of total liabilities.

Overstatement of total assets.

Overstatement of net income.

Overstatement of stockholders' equity.

All of the following must certify that a public company's financial statements are accurate, complete, and not misleading, except for the

Chief financial officer.

Director of human resources.

Chief executive officer.

Independent auditor.

According to the FASB, the usefulness of accounting is judged by which of the following two qualitative characteristics of accounting information?

Comparability and neutrality

Understandability and comparability

Verifiability and timeliness

Relevance and faithful representation

Explanation / Answer

Failure to record depreciation at year end will result in all of the following except

ANS] Understatement of total liabilities.

All of the following must certify that a public company's financial statements are accurate, complete, and not misleading, except for the

ANS] Director of human resources.

According to the FASB, the usefulness of accounting is judged by which of the following two qualitative characteristics of accounting information?

ANS] Relevance and faithful representation

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