A company received cash $1000 in advance for auditing service. However, the company neither earned this revenue nor made any adjusting entry in its books. Identify the effect of this omission

Total liabilities to be understated

Total expenses to be overstated

Total income to be overstated

Total assets to be understated

Total liabilities to be understated

Financial Accounting Author: rikazzz

A. Cash

B. Goods

C. Debt

D. Investment

A. Noting charges account

B. Interest account

C. Discount account

D. Drawer’s account

A. Account title and description

B. Account title and date

C. Amount

D. Date

A. One part

B. Two parts

C. Three parts

D. Four parts

A. A current Asset

B. A fixed Asset

C. An intangible Asset

D. A wasting Asset

A. Debit Side of an account

B. Credit side of an account

C. Both sides of an account

D. None of the above

A. Trading Account

B. Profit and Loss Account

C. Balance sheet

D. Sales Account

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