Question

if a company failed to make the end-of-period adjustment to move the amount of revenue that was earned from the unearned revenue account to the revenue account, this omission would cause:

Answer 1

If a company failed to make the end-of-period adjustment to remove from the unearned management fees account the amount of management fees that were earned, this omission would cause an overstatement of liabilities.

Liabilities are owing debts or legal responsibilities to another individual or business. Liabilities, then, are future forfeitures of economic gains that an entity must make to other entities as a result of previous occurrences or previous transactions.So,if a company failed to make the end-of-period adjustment to remove from the unearned management fees account the amount of management fees that were earned, this omission would cause an overstatement of liabilities.

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