题目内容

An accrued expense can best be described as an amount ______.

A. paid and currently matched with earnings.
B. paid and not currently matched with earnings.
C. not paid but currently matched with earnings.
D. None of the above.

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Mr. Wong paid ＄3,000 in advance for insurance on 1 December 2001 and debited it to Insurance Expense. No entries were made subsequently in 2001 or in 200The accounting period ends on December 3As a result of this error ______.

A. 2001 income was understated ＄2,000.
B. 2002 income was understated ＄2,000.
C. 2001 income was understated ＄3,000.
D. 2002 income was understated ＄3,000.

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Question 2
If retained earnings were understated and liabilities were overstated, which of the following errors could have been the cause？

A. Making the adjustment entry for depreciation expenses twice.
B. Failure to record interest accrued on a note payable.
C. Failure to make the adjusting entry to record revenue which had been earned but not yet billed to clients.
D. Failure to record the earned portion of fees received in advance.

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In business charges depreciation in accounts, the accounting concept to be considered is the materiality concept.

A. 正确
B. 错误

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Cumulative preference shares have the right to accumulate dividends in a given year if they are in arrears.

A. 正确
B. 错误

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An accrued expense can best be described as an amount ______.

A. paid and currently matched with earnings. B. paid and not currently matched with earnings. C. not paid but currently matched with earnings. D. None of the above.

Mr. Wong paid ＄3,000 in advance for insurance on 1 December 2001 and debited it to Insurance Expense. No entries were made subsequently in 2001 or in 200The accounting period ends on December 3As a result of this error ______.

Question 2If retained earnings were understated and liabilities were overstated, which of the following errors could have been the cause？

In business charges depreciation in accounts, the accounting concept to be considered is the materiality concept.

Cumulative preference shares have the right to accumulate dividends in a given year if they are in arrears.

A. paid and currently matched with earnings.
B. paid and not currently matched with earnings.
C. not paid but currently matched with earnings.
D. None of the above.

Question 2
If retained earnings were understated and liabilities were overstated, which of the following errors could have been the cause？