Sh23 Which of the following is an example ofan accounting error that would notrequire correction?Correcting a $2000 payroll error from atotal payroll of $5,000,000Changing from the cash basis to theaccrual basis of accountingAdopting a depreciation policy that setsall useful lives at 40 years, regardless ofthe assetFailure to include a significant $50,000salvage value in computing thedepreciation base for the straight-linemethod

Accounting error refers to the error in the accounting entry which was done intentionally but…

Answered: Which of the following is an example of…

Which of the following is an example of an accounting error that would not require correction? Correcting a $2000 payroll error from a total payroll of $5.000.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

Sh23

Which of the following is an example of
an accounting error that would not
require correction?
Correcting a $2000 payroll error from a
total payroll of $5,000,000
Changing from the cash basis to the
accrual basis of accounting
Adopting a depreciation policy that sets
all useful lives at 40 years, regardless of
the asset
Failure to include a significant $50,000
salvage value in computing the
depreciation base for the straight-line
method

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