Which of the following is not a characteristic of non-counterbalancing error? a. If not detected, this is not automatically corrected in the next accounting period. b. The income statement of the period in which the non-counterbalancing error is committed is misstated. c. The statement of financial position of the year of non-counterbalancing error and succeeding statement of financial position are incorrect until the error is corrected. d. If the net income of one year is understated due to non-counterbalancing error, the net income of subsequent year is also affected.

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Q: A misstatement related to which of the following assertions means the dollar amount of the account…

A: Completeness represents that the financial statement of the company would be required to be…

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Q: What is the unique balance sheet disclosure that the Allowance Method requires, as opposed to the…

A: Direct Write-off Method charges the bad debt expense when the customer’s account is actually written…

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Q: Prior-period adjustments can arise from

A: Prior period items are expenses or incomes which arise in the current period as a result of errors…

Q: ndicate if it is an accounting mistake and provide an explanation for why it is or is not.

A: The Answer

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A: There are various errors that an accountant can commit while recording or posting financial…

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A: Adjusting accounts for timing mismatches refers to the process of aligning the recognition of…

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A: Answer) The correct Option is (D) No Effect Justifications: If collection from customer is credited…

Q: In methods of estimating doubtful accounts, how does income statements approaches differ from…

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Q: If the statement of financial position error is discovered in the year of error, what action is to…

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Q: The direct write-off method requires estimates of: *       (a) Uncollectible accounts expense…

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A:

Q: What is the effect of the error in the net income of the current period and in subsequent period?

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A: Retained earnings comes under the head liabilities in the balance sheet .

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Q: ous period’s financial statements are called?

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A: Definition:

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