For each of the following oversights, state whether total assets will be understated (U), overstated (O), or no affect (NA)
___1. Failure to record revenue earned but not yet received
___2. Failure to record expired prepaid rent.
___ 3. Failure to record accrued interest on the bank savings account
___ 4. Failure to record depreciation
___5. Failure to record accrued wages.
___6. Failure to recognize the earned portion of unearned revenues.

Question

Quizplus · Accepted Answer

The Answer of For each of the following oversights, state whether total assets will be understated (U), overstated (O), or no affect (NA)
___1. Failure to record revenue earned but not yet received
___2. Failure to record expired prepaid rent.
___ 3. Failure to record accrued interest on the bank savings account
___ 4. Failure to record depreciation
___5. Failure to record accrued wages.
___6. Failure to recognize the earned portion of unearned revenues.

For Each of the Following Oversights, State Whether Total Assets