net income overstated assets overstated liabilities unaffected and owners

Net income overstated assets overstated liabilities

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net income overstated, assets overstated, liabilities unaffected, and owner’s equity overstated CORRECT Points Received: 1 of 1 Comments: 10. Question: If a required accrued expense adjustment had not been made, the financial statements would have been affected as follows_______. Page 2 of 7 SHANNA HAWXHURST: Week 3 Quiz 9/7/2008 ...
Your Answer: net income understated, assets overstated, liabilities unaffected, and owner’s equity understated net income understated, assets overstated, liabilities understated, and owner’s equity unaffected net income overstated, assets unaffected, liabilities understated, and owner’s equity overstated CORRECT net income overstated, assets overstated, liabilities understated, and owner’s equity overstated Points Received: 1 of 1 Comments: 11. Question: If a required unearned revenue adjustment had not been made, the financial statements would have been affected as follows_______. Your Answer: net income understated, assets overstated, liabilities unaffected, and owner’s equity overstated net income overstated, assets unaffected, liabilities understated, and owner’s equity unaffected net income understated, assets unaffected, liabilities overstated, and owner’s equity understated CORRECT net income overstated, assets overstated, liabilities overstated, and owner’s equity unaffected Points Received: 1 of 1 Comments: 12. Question: If the adjusting entry to record the current period’s prepaid rent expired is omitted_______. Your Answer: current assets will be overstated CORRECT current assets will be understated current liabilities will be overstated current liabilities will be understated Points Received: 1 of 1 Comments: 13. Question: Adjusting entries always involve a(n) _______. Your Answer: liability account asset account and a liability account asset account and a revenue account balance sheet account and an income statement account CORRECT Points Received: 1 of 1 Comments: 14. Question: If the adjusting entry to record revenue earned during the current period when the cash was received in the last accounting period is not recorded_______. Your Answer: assets will be overstated liabilities will be overstated CORRECT liabilities will be understated assets will be understated Points Received: 1 of 1 Comments: 15. Question: The balance in prepaid rent after adjustment represents_______. Your Answer: a liability on the balance sheet Page 3 of 7 SHANNA HAWXHURST: Week 3 Quiz 9/7/2008 ...
an expense on the income statement INCORRECT revenue on the income statement an asset on the balance sheet CORRECT ANSWER Points Received: 0 of 1 Comments: 16. Question: The balance in unearned revenue after adjustment represents_______. Your Answer: a contra liability on the balance sheet a contra expense on the income statement a liability on the balance sheet CORRECT revenue on the income statement Points Received: 1 of 1 Comments: 17. Question: When a prepaid expense is initially recorded as an expense, the adjusting entry_______.

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