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Stells [14]
3 years ago
5

The accountant of​ Omega, Inc. failed to make an adjusting entry to record​ $6,000 of unearned service revenue that has now been

earned. Assume the deferred revenue was initially recorded as a liability. Which of the following statements is​ true?A. The total revenue will be understated.
B. The total expenses will be overstated.
C. The total expenses will be understated.
D. The total revenue will be overstated.
Business
1 answer:
Galina-37 [17]3 years ago
8 0

Answer:

The answer is A. The total revenue will be understated

Explanation:

Unearned revenue is when the amount or money has been received before providing the service. For example, a manufacturer has received money from a customer for a product that will be delivered over a period of time, let's say every month.

Unearned revenue is a liability but the failure to make an adjusting entry in the income statement will understate revenue because as the product is being delivered monthly, the accountant should be recognizing it as revenue in the Income statement. As this is recognized as revenue, unearned revenue account decreases with the same amount monthly

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What is the principle of quality? What is the principle of quantity? Give an example in which a physical activity professional w
QveST [7]

Answer:

The principle of quality states that the experiences that engage us in the most critical components of an activity are most likely to increase our capacity to perform that activity. Critical components are the elements of an activity that are most important for performing it at a high level. To be really good at an activity, you must focus on what factor you need most and improve that area.The principle of quantity states that when all other factors are equal, increasing the frequency of our engagement with the critical components of an activity usually  

results in the largest performance improvement in that activity. Generally, the performer whose experiences have engaged her most often in the critical components of an activity usually becomes the most competent in that activity.A physical activity professional asked to create a plan to decrease the time in a marathoner’s performance would begin by conducting a analysis. The critical components in this activity relate to physical performance capacity more than skill.  

Explanation:

4 0
3 years ago
Mariah Company has inventory at the end of the year with a historical cost of $ 91 comma 000. Mariah Company uses the perpetual
Marina86 [1]

Answer:

Dr. Inventory Write down............(91,000 - 71,600)....$19,400

Cr. Inventory.......................................................................................$19,400

Explanation:

The write down of the inventory value from at the end of the year with a historical cost of $ 91,000 to the current replacement cost is $ 71,600 will be recorded as follows:

<u>Journal Entries</u>

Dr. Inventory Write down............(91,000 - 71,600)....$19,400

Cr. Inventory.......................................................................................$19,400

<u>Being the write down of the value of inventory from historical cost to replacement cost at year end</u>

5 0
4 years ago
One of the goals of the Federal Reserve is price stability. For the Fed to achieve this​ goal,
rewona [7]

Answer:

The correct answer is option C.

Explanation:

One of the goals of the federal reserve banks is to have price stability in the economy. Though price stability does not imply zero inflation. A small level of inflation is good for economy as it helps in growth of production.

So in order to acheive the goal of price stability, the rate of inflation should be low such as 1-3% and it should be consistent.

Very high inflation is harmful for the economy as it erodes the real income and wealth. Deflation is also not good for economy as it causes reduction in production and employment

5 0
3 years ago
Which of the following accounts may appear on a post-closing trial balance? Question 8 options: A. Cash, Salary payable, and Ret
Kryger [21]

Answer:

A. Cash, Salary payable, and Retained earnings

Explanation:

The post-closing trial balance is prepared after recording the closing entries with respect to all revenues earned, all expenses incurred, and the cash dividend .

It should be always matched and equal that means the total of the debit column and the total of credit column is equaled  and zero.

So, the most appropriate option is A.

3 0
3 years ago
Can i have friendsssssssssssssssssssssssssssssssssssss
Anit [1.1K]

Answer:

Sure lol

Explanation:

I'll send ya a friend request then lol

*ultimate lonely call received and returned*

8 0
3 years ago
Read 2 more answers
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