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A company forgot to record four adjustments during 2016. Which one of the following omissions...

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Question

Accounting

A company forgot to record four adjustments during 2016. Which one of the following omissions of adjustments will understate liabilities?

ANSWERS

Sales made during the last week of the period are not recorded

Prepaid insurance is not reduced for the portion of the policy that has expired during the period

Interest on a notes receivable has not yet been recorded

Income taxes owed but not yet paid are ignored

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