Which of the Following Is Not an Example of an Accounting

question 26

Multiple Choice

Which of the following is not an example of an accounting error,as distinguished from a change in accounting principle or change in accounting estimate?

• A) Misstatement of assets,liabilities,or owners' equity
• B) Incorrect classification of an expenditure as between expense and an asset
• C) Failure to recognize accruals and deferrals
• D) Recognition of a gain on disposal of fully depreciated property

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Definitions:

Judgments

Decisions or conclusions reached after consideration, often in a legal context or in personal assessment.

Empirical Economics

The branch of economics that focuses on using data and statistical methods to analyze and test economic theories.

Economic Theories

The principles and models that aim to explain how economies work and how economic agents interact.

Descriptive Economics

The branch of economics that focuses on describing the economies or economic events.