Asked by
Carlton Taylor
on Dec 17, 2024Verified
A debit to a Liability account was posted to an Expense account. This would cause:
A) assets to be overstated.
B) liabilities to be understated.
C) owner's equity to be overstated.
D) expenses to be understated.
Liability Account
An accounting record that captures obligations or debts a company owes to others, which are expected to be paid in the future.
Expense Account
An account where businesses track costs incurred during operations, often related to employees' business-related expenses.
- Understand the repercussions of posting mistakes on the financial statements and discern specific examples of these errors.
Verified Answer
AS
Learning Objectives
- Understand the repercussions of posting mistakes on the financial statements and discern specific examples of these errors.