Which of the following misstatements is not related to the completeness assertion for current year revenue? о Multiple Choice O Goods are shipped, but revenue is not recorded. This year's revenue is recorded next year. Next year's revenue is recorded this year. Revenue is not recognized for services that have been performed.

Q: Kappa Inc. reported accounts payable on December 31, 2019 at P 2,200,000 before any necessary…

A: calculation of accounts payable are as follows

Q: 1. On which of the following instances is cost estimation not permitted? A. Estimating the cost of…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Net income at year end will be overstated if O Prepaid expense is not recognized O Accrued income is…

A: Option a is incorrect because if Prepaid Expenses is not recognized, it will increase our expenses…

Q: At December 31, the end of the reporting period, the analysis of a loss contingency indicates that…

A: Contingent Liability  Contingent liability is one form of liability that arises based on a…

Q: The Bockner Company shipped merchandise to Laetner Corporation on December 28, 2021. Laetner…

A: Transportation Costs: The costs of delivering the merchandise inventory from the manufacturer to the…

Q: This revenue recognition method applies when the customer wants to make payments in portions and the…

A: Revenue recognition states that the revenue has to be recognized when it is earned or realized or…

Q: In examining the books of Ula Company, you found out that certain adjustments had been overlooked at…

A: When an error is detected, financial statements which have the impact of the errors are prepared…

Q: typically recognized as revenue: a. when billed if they are expected to be received within the…

A: As per concept of revenue recognition revenue is recognised only based on the type of activities…

Q: A purchase on credit is recorded twice and not corrected during the year-end physical inventory.…

A: When goods are purchased on account i.e. on credit then in that case the purchase account is debited…

Q: Provide an argument explaining why expenses that were inadvertently omitted in a previous year…

A: The argument against this approach follows AASB 108 (Australian Accounting Standard Board-108) which…

Q: On December 31, 2019, A Company has accounts payable of P1,000,000 before possible adjustment for…

A: Under FOB destination, Goods are taken into inventory costing when goods are delivered to the buyer…

Q: On December 31, the fair value of Sunnd is estimated to be $691,200. The carrying value of Sunland's…

A: According to International Accounting Standards (IAS), specifically IAS 36  -  "Impairment of…

Q: The installment method of recognizing profit for accounting purposes is acceptable if a. An…

A: Installment sales is a method of revenue recognition allowed under US GAAP (Generally accepted…

Q: Which of the following is wrong?    A person required to register as VAT taxpayer but failed to…

A: value added tax is such a consumption types that is levid on goods and services at the each stage of…

Q: Due to this accounting principle I postpone the moment I reveal expenses on my goods to the moment I…

A: Principle means the fundamental upon which the books of account are prepared.

Q: Which of the following best represents the matching principle criteria? Revenue is recognized when…

A: Accounting principles are those rules and guidelines which helps the accountants all over the world…

Q: The errors below were noted after the books of CalMart Corporation were audited at the close of 2021…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: opic - Violation of Recognition, errors and intentional misstatements Question: Please explain and…

A: A "true and fair" financial statement refers to the presentation of financial information that is…

Q: What is the adjusted net income for 2019?

A: 2019 Reported Net Income  $ 4,00,000.00 Adjustments:   a. Failed to record Accrued Expense…

Q: On December 31, 2021, what amount should be reported as unearned revenue?

A: Unearned revenues are those revenues which are received in advance by the business, but has not been…

Q: Which of the following is an example of a conservative accounting practice? a. Estimate the…

A: Introduction:   Conservative accounting practices refers to the accounting practices which tend to…

Q: Indicate whether each of the following statements is true or false. Delayed recognition of revenue…

A: 1) As per Revenue recognition principle, Delayed recognition of revenue is appropriate if the degree…

Q: Do you agree with the following statements? Express your opinion on each statement.

A: 1: This statement is correct  This can be explained with the help of example: Suppose closing stock…

Q: Statement 1 : Expenses associated directly with revenue are matched against revenue in those interim…

A: The revenue recognition principle could be a cornerstone of accumulation accounting alongside the…

Q: your client, failed to record accrued salaries expense of P 50,000 as of December 31, 2022.   Based…

A: Since you have posted question with multiple sub-parts , we will do the first three sub-parts for…

Q: Do you agree with the following statements? Express your opinion on each statement. An inventory…

A: 1) This statement is correct  This can be explain with the help of example: Suppose closing stock is…

Q: Which is wrong?    The input VAT carry-over is the excess of the input VAT over the output VAT in…

A: VAT is the tax which is levied on goods and services starting from its production till its sale.…

Q: please help...need help finding noncash assets

A: The objective of the question is to find the noncash assets from the given transaction details. In…

Q: The direct write-off method is not preferable to the allowance method because the direct write-off…

A: BAD DEBTS ARE THE EXPENSES INCURRED BY COMPANIES WHEN A CUSTOMER MAY NEVER PAY FOR THE GOODS THAT…

Q: A company that uses the periodic inventory system makes the following errors:…

A: Periodic inventory system refers to a method of inventory valuation in which physical count of…

Q: True or False Prior years' financial statements are not restated when the prospective approach is…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The following transactions were entered into by Keppel Corp. for the current year: Sold goods to…

A: Revenue is the term which is defined as the income that is generated from the normal operations of…

Q: Which of the following best represents the matching principle criteria?A. Expenses are reported in…

A: Accounting principles are those rules and guidelines which helps the accountants all over the world…

Q: A small business in which credit sales fluctuate greatly from year to year uses the direct write-off…

A:

Q: State the assertion (existence, occurrence, rights & ownership, completeness, valuation/accuracy,…

A: a)Cut off assertion.should be applied ... b) valuation... C)Completeness.. D) classification.. E)…

Q: a. Explain TWO differences between the perpetual and the periodic systems.  b. How do we record a…

A: Perpetual Inventory System : In this system, inventory is tracked continuously at each movement. The…

Q: Ray Company, your client, failed to record accrued rent income of P 25,000 as of December 31, 2022.…

A: Rent income is the amount of income earned by way of rent. Accrued rent income is the amount of rent…

Q: If the initial fee is collectible over an extended period and there is a significant uncertainty of…

A: The revenue is the income to be received by an organisation for providing goods and services to its…

Q: 2. Gabriela Company’s auditor discovered that the company inadvertently overstated ending Inventory…

A: Inventory means the goods in which the business deals. Inventory should be valued correctly  as it…

Q: Which of the following is not a characteristic of non-counterbalancing error? a. If not detected,…

A: The errors which are not automatically corrected in the following accounting period is known as…

Q: Which of the following factors could contribute to mistreatments in the revenue cycle? (select all…

A: Revenue Cycle: The revenue cycle is a method for defining and maintaining the processes used for the…