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denis-greek [22]
3 years ago
5

An architecture firm earned $1960 for architecture services provided with the fee to be paid in the future. No entry was made at

the time the service was provided. If the fee has not been paid by the end of the accounting period and no adjusting entry is made, this would cause:
Social Studies
2 answers:
marta [7]3 years ago
8 0

Answer: Revenue to be understated

If the fee has not been paid by the end of the accounting period and no adjusting entry is made, this would cause revenue to be understated.

Explanation:

Businesses may be tempted to understate their COGS in order to make their business model look more attractive and their profit more sustainable, making them better candidates for loans. A lower COGS makes the financial statements more attractive – at least until it comes time to pay taxes on the earnings

Fraud in financial statements takes the form of overstated assets or revenue or understated liabilities and expenses. Overstating assets and revenues falsely reflect a financially stronger company by the inclusion of fictitious asset costs or artificial revenues.

statuscvo [17]3 years ago
4 0

Answer:

By not  recording the $1,960 in the books of account, revenue for the period would be understated by $1,960

Explanation:

The accrual concept of accounting requires that revenue should be recognized when it has been earned and expense recorded when it has been incurred.

Earning revenue implies that the goods have been delivered or that the necessary services have been rendered.This means that recording revenue has not nothing to do with cash receipt as receiving cash only relate to cash flow position.

The omission of the $1,960 from the books on the basis that cash has not been received means that revenue is understated as well as the profit for the period under consideration.

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A(n) ______ is a document that specifies the conditions under which an exchange is to occur, detailing the rights and obligation
Solnce55 [7]

A contract is a document that specifies the conditions under which an exchange is to occur, detailing the rights and obligations of the involved parties.

<h3>What is a contract?</h3>

A contract can be described as a  binding agreement  that is been carried out between people  or parties especially which is  legally enforceable incase of break in the agreement, however a business arrangement for the supply of goods could be seen as contract.

It should be noted that contractual agreement can be described as the  legally binding agreement  however the contract's terms and conditions  must be followed by the parties. , hence contract is a document that specifies the conditions under which an exchange is to occur, detailing the rights and obligations of the involved parties.

Find out more on contract at brainly.com/question/984979

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2 years ago
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Tamiku [17]

Answer:

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Explanation:

Always the best

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4 years ago
This map illustrates the Columbian Exchange. In which way did Europeans
Fiesta28 [93]

Answer:

Your s.o.l. sorry.

Explanation:

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3 years ago
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lawyer [7]

Answer:

a. transience.

Explanation:

The options for this question are missing. The options are:

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D. proactive interference.

In psychology, the term transience refers to the decreasing ability to retrieve something that we already learned either from our long-term-memory or short-term-memory. This can happen because of brain damage but also because of lack of practice.

In this example, Amber took 4 years of Spanish and then 2 years of spanish in college but one year after she graduates she realizes that she remembers very little of the Spanish language. We can see that <u>her ability to retrieve what she learned decreased over that year,</u> therefore this would illustrate the concept of transience.

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C autism spectrum disorder.

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