Author Question: The adjusting entry to adjust supplies was omitted at the end of the year. This would affect the ... (Read 85 times)

mrsjacobs44 · **on:** Jul 5, 2018

The adjusting entry to adjust supplies was omitted at the end of the year. This would affect the income statement by having
a. expenses understated and therefore net income overstated
b. revenues understated and therefore net income understated
c. expenses understated and therefore net income understated
d. expenses overstated and therefore net income understated

Question 2

When materials or supplies that have been ordered are received, what budgetary account is credited?

A. Undelivered orders.
B. Appropriations.
C. Expended appropriationsunpai d.
D. Appropriations used.