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15 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Max Corp. failed to make the adjusting entry to record depreciation for the current year. The affect of this error is which of the following? |
Assets,net income , and equity |
Depreciation =a loss Overstated= not said or stated( not said loss) |
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If the credit to record the purchase of supplies on account not posted |
Liabilities will be understated |
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Receiving cash from a customer on account will |
Have no affect on total asset |
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Which of the following transactions will increase an asset and a liability |
Buying equipment on account |
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A debit entry to an account |
Increases assets |
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The journal entry to record the receipt of land, building and stock |
Debit land and building Credit stock |
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Which of the following accounts would not be included in the closing entries |
Accumulated depreciation |
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How would bet income be most likely to affect the accounting equation |
Increase assets and equity |
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Performing a service on account |
Increase asset and equity |
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An adjusting entry that debits an expense and credits liability |
Accrued expense |
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Purchasing computer equipment for cash will |
Have no affect on assets, liab.,equity |
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If a company fails to accrue revenue |
Assets and income are understated |
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The list of all the accounts with their balances is the |
Trial balance |
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A major purpose of preparing closing entries is to |
Update the retained earnings account |
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Another name for the balance sheet |
Statement of financial position |
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