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    Please Indicate U - Under, O - Over and X - No Effect

    Uploaded by

    memejane
    The document is a table requesting an assessment of the effect of various accounting errors and omissions on a company's financial statement line items in specific years. It asks the respondent to indicate whether each error would cause an account to be understated (U), overstated (O), or have no effect (X) on revenue, expenses, assets, liabilities, and net income in years 2016-2019.

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    Please Indicate U - Under, O - Over and X - No Effect

    Uploaded by

    memejane
    9 views1 page
    The document is a table requesting an assessment of the effect of various accounting errors and omissions on a company's financial statement line items in specific years. It asks the respondent to indicate whether each error would cause an account to be understated (U), overstated (O), or have no effect (X) on revenue, expenses, assets, liabilities, and net income in years 2016-2019.

    Original Description:

    Part 1 Errors

    Original Title

    Part 1 Error

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    The document is a table requesting an assessment of the effect of various accounting errors and omissions on a company's financial statement line items in specific years. It asks the respondent to indicate whether each error would cause an account to be understated (U), overstated (O), or have no effect (X) on revenue, expenses, assets, liabilities, and net income in years 2016-2019.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    9 views1 page

    Please Indicate U - Under, O - Over and X - No Effect

    Uploaded by

    memejane
    The document is a table requesting an assessment of the effect of various accounting errors and omissions on a company's financial statement line items in specific years. It asks the respondent to indicate whether each error would cause an account to be understated (U), overstated (O), or have no effect (X) on revenue, expenses, assets, liabilities, and net income in years 2016-2019.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Please indicate U – Under, O – Over and X – No Effect

    Revenue - 2018
    Revenue- 2017

    Liabilities

    Liabilities
    Net Income

    Net Income
    Expense

    Capital

    Expense

    Capital
    Assets

    Assets
    Failure to record prepaid
    supplies at the end of 2019

    Understatement of 2017 Ending


    inventory

    Failure to record accrued


    interest on notes payable at
    the end of 2016

    Failure to record
    amortization of trademark
    2019

    Failure to record sale of


    merchandise on account at the
    end of 2018

    Failure to recognize accrued


    rent income at the end of
    2017

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