A debit to an expense account was posted to an asset account. This would cause:
A) assets to be overstated.
B) liabilities to be understated.
C) capital to be understated.
D) expenses to be overstated.
Answer: A
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During the third month, leaders of large teams should have separate second meeting with direct reports that are held off-site. Which of the following is NOT one of the key issues that should be discussed with the direct reports during these meetings?
A. Creating a team scorecard B. Identifying personal career goals C. Establishing an operating rhythm D. Establishing task forces to work on key change initiatives
A CPA who has a direct financial interest in a nonclient having a material investment in the CPA's audit client
a. Lacks independence only if the CPA's investment in the nonclient is material b. Lacks independence only if the CPA can exercise significant influence over the nonclient c. Lacks independence d. Does not lack independence