The Accountant for Belden Jewelry Repair Services Forgot to Make

question 153

Multiple Choice

The accountant for Belden Jewelry Repair Services forgot to make an adjusting entry for Depreciation Expense for the current year.Which of the following is an effect of this error?

• A)Total assets are understated.
• B)Revenues are overstated.
• C)Total assets are overstated.
• D)Net income is understated.

Know how beginning Work in Process and the degree of completion affect equivalent unit calculations.

Understand the treatment of overhead costs in process costing.

Understand the principles and applications of process costing in industries with standardized, high-volume production.

Distinguish between process costing and job order costing systems based on the cost object.