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For Each of the Following Oversights,state Whether Owner's Equity Will

Question 166

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For each of the following oversights,state whether owner's equity will be understated,overstated,or not affected.

Premises:

Responses:

Failure to record revenue earned but not yet received

Not affected

Failure to record depreciation

Overstated

Failure to convert unearned revenue to earned revenue

Understated

Failure to record expired insurance

Failure to record accrued wages

Failure to record accrued interest in the bank

Premises:

Failure to record revenue earned but not yet received

Failure to record depreciation

Failure to convert unearned revenue to earned revenue

Failure to record expired insurance

Failure to record accrued wages

Failure to record accrued interest in the bank

Responses:

Not affected

Overstated

Understated

Correct Answer:

Premises:

Responses:

Failure to record revenue earned but not yet received

Failure to record depreciation

Failure to convert unearned revenue to earned revenue

Failure to record expired insurance

Failure to record accrued wages

Failure to record accrued interest in the bank

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