Which of the following is not a counterbalancing error? O Omission of accrued interest expense at year end. O Overstatement of depreciation for the current year. O Non-recording at year end of rent already earned but uncollected. Non-recognition of the unused portion of office supplies at year end.
Which of the following is not a counterbalancing error? O Omission of accrued interest expense at year end. O Overstatement of depreciation for the current year. O Non-recording at year end of rent already earned but uncollected. Non-recognition of the unused portion of office supplies at year end.
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter14: Completing A Quality Audit
Section: Chapter Questions
Problem 27CYBK
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Transcribed Image Text:Which of the following is not a counterbalancing error?
O Omission of accrued interest expense at year end.
O Overstatement of depreciation for the current year.
O Non-recording at year end of rent already earned but uncollected.
O Non-recognition of the unused portion of office supplies at year end.
Transcribed Image Text:What is the effect of omission of accrued expenses in expenses during year 2 after
the year of error?
O No effect
O Overstated
O Cannot be determined from the given information
O Understated
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