If a Company Fails to Record a Sale on Account

question 35

Multiple Choice

If a company fails to record a sale on account:

• A)revenue on the income statement will be understated.
• B)assets on the balance sheet will be understated.
• C)net income on the income statement will still be correct.
• D)A and B

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Definitions:

Website Operators

Individuals or entities that manage and control the operation of a website, responsible for its maintenance and content.

Identity Theft

When criminals obtain personal information that allows them to impersonate someone else in order to use their credit to obtain financial accounts and make purchases.