Examlex
What is the effect of an error in the ending inventory balance on the accounts reported in the income statement?
Rent Expense
An expense account that records the cost incurred by a business to rent facilities or equipment for operation purposes.
Utilities Expense
The cost incurred by businesses or individuals for using utilities such as electricity, water, and gas.
Capital Balances
The amounts recorded in the equity section of a company's balance sheet, representing the capital invested by the owners.
Additional Investment
Funds invested into a company or assets beyond the initial expenditure, often to support growth, cover operational costs, or finance new projects.
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