1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nika2105 [10]
3 years ago
10

For each of the following items before adjustment, indicate the type of adjusting entry (prepaid expense, unearned revenue, accr

ued revenue, or accrued expense) that is needed to correct the misstatement. If an item could result in more than one type of adjusting entry, indicate each of the types.
(a) Assets am understated.
(b) Liabilities am overstated.
(c) Liabilities are understated.
(d) Expenses am understated.
(e) Assets are overstated.
(f) Revenue is understated.
Business
1 answer:
igor_vitrenko [27]3 years ago
3 0

Answer:

See explanation

Explanation:

(a) Assets are understated - If we do not adjust accrued revenue, the assets are understated. For example - if we do not add any outstanding rent revenue, the assets will become understated.

(b) Liabilities are overstated - If we do not adjust unearned revenue, the liabilities are overstated. For example - if we do not deduct any expired unearned revenue, the liabilities will become overstated.

(c) Liabilities are understated - If we do not adjust accrued expense, the liabilities are understated. For example - if we do not add any outstanding rent expense, the liabilities will become understated.

(d) Expenses are understated - If we do not adjust accrued expense and prepaid expense, the expenses are understated. For example - if we do not add any outstanding rent expense and expired prepaid expenses, the expenses will become understated.

(e) Assets are overstated - If we do not adjust prepaid expense, the assets are overstated. For example - if we do not deduct any expired prepaid insurance, the assets will become overstated.

(f) Revenue is understated - If we do not adjust accrued revenue and unearned revenue, the revenue is understated. For example - if we do not add any outstanding rent revenue and expired unearned revenue, the revenue will become understated.

You might be interested in
The main purpose of project plans is to:__________ a. define project scope b. guide project execution c. schedule management pla
Llana [10]

Answer:

b, guide project execution

Explanation:

The main purpose of project plans is to guide project execution from start to finish. Project plans are formal, approved documents that is put together that details the processes, steps, resources, etc that is needed to bring a project to life. Project plans is also useful for project control.

Cheers.

3 0
3 years ago
Monica owns an equestrian clothing store. After many customers complained that her clothing only fit petite riders, she decided
Vanyuwa [196]

Answer:

Companies must be prepared at all times to add to or adapt their product lines to satisfy the desires of customers for them to remain competitive.

Explanation:

One of the strategies companies to remain competitive is to adjust to the demand of customers. This will allow a company to retain current customers and win potential new customers.

Although this strategy may require additional fund but failure to adapt and add new product lines that satisfy wants of the customers can the company out of business.

Therefore, companies must be prepared to add to or adapt their product lines to satisfy customers' desires in order to remain competitive.

6 0
3 years ago
When practicing skills you should focus on _____________?
sesenic [268]
I believe the answer id D) all of the above.

the reason for this is because when you want to learn a skill you want to be able to actively know the skill and use it at will. you also need to be able to do it in an efficient manner and you also need to understand why you need this skill and why it is important for you to learn it.

i really hope this helped and have a nice day :)
 <span />
5 0
3 years ago
Read 2 more answers
Media richness refers toa. a message's impact on the company's bottom lineb. how much a communication channel costs the company
Anit [1.1K]

Answer: c. the extent to which a channel represents all of the information available

Explanation:

Media richness is when a communication media is able to pass across a rich messages. We should note that the characteristics of richness has to do with the amount of feedback, language variety, and social cues, that is passed to a communicative partner.

Media richness has to do with the amount of information that is transmitted through a particular communications channel.

6 0
2 years ago
Critics of the North American Free Trade Agreement argued that opening our borders to free trade with Mexico would result in U.S
myrzilka [38]

Answer:

The criticism is true to a certain degree, and unjustified to another degree.

Explanation:

It is true in the sense that the U.S. has indeed lost a lot of manufacturing to Mexico, simply because Mexico has far lower labor costs, and U.S. manufacturers have decided to take advantage of that by taking their plants to Mexican states.

It is also true that Mexico has been running a trade surplus with the United States in recent years, mainly because of the large manufacturing sector that Mexico has been developing.

On the other hand, the criticism is unjustified because neither a trade deficit nor the moving of manufacturing to Mexico mean that the United States as a whole is in worst condition than before NAFTA. In fact, most economists agree that free trade is a good thing for the economy as a whole, and that most people benefit from the lower costs and specialization that trade brings about.

The problem lies then, in the people who lose their jobs: formerly unionized manufacturing workers from the Rust Belt, for example. These people need to be helped with government assitance, both in terms of welfare, and training, so that they can find new jobs and make ends meet in the meanwhile.

5 0
2 years ago
Other questions:
  • Competitive priorities:
    9·1 answer
  • The process of following a professional for a day or two to get a taste of what various careers entail and receive in-depth expo
    10·1 answer
  • Inventory should be reported as follows except a.according to the chosen cost flow assumption. b.at lower of cost or market. c.a
    7·1 answer
  • To produce x units of a religious medal costs Upper C (x )equals 17 x plus 32. The revenue is Upper R (x )equals 25 x. Both cost
    13·1 answer
  • Given these observed times (in minutes) for four elements of a job, determine the observed time (OT) for each element. Note: the
    12·1 answer
  • Identifying every failure mode in a technology is neither possible nor is it practical to test technologies under every conceiva
    15·2 answers
  • The following information is from the records of Mountainview Camera​ Shop: Accounts​ receivable, December​ 31, 2018 ​$80,000 (d
    12·1 answer
  • Isobel consumes positive quantities of both jam and juice. The price of jam is 10 cents per unit and the price of juice is 5 cen
    10·1 answer
  • Tempest Enterprises had a sales margin of 5%, sales of $4,000,000, and invested capital of $5,000,000. The company's ROI was:___
    14·1 answer
  • Teal Mountain Industries produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!