The accountant for Belden Jewelry Repair Services, Inc. forgot to make an adjusting entry for Depreciation Expense for the current year. Which of the following is an effect of this error?
A) Total assets are understated.
B) Revenues are overstated.
C) Total assets are overstated.
D) Net income is understated.
C
Business
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Which account refers to the reserve set-aside that contains the portion of a premium that has been paid before insurance coverage has been provided.
A. Unearned premiums. B. Prepaid premiums. C. Premium reserves. D. Policy reserves. E. Outstanding premiums.
Business
The first step in drawing a systematic random sample is to obtain a list of potential sampling units that contain an acceptable frame of the target population elements.
a. true b. false
Business