Asked by
precious hayes
on Nov 12, 2024
Verified
If the adjustment to recognize expired insurance at the end of the period is inadvertently omitted, the assets at the end of the period will be understated.
Expired Insurance
The portion of an insurance premium that has been used up during the term of the policy and is therefore no longer in effect.
Assets
Resources owned by a company, providing future economic benefits, including cash, inventory, and property.
Inadvertently Omitted
Accidentally left out or not included, typically referring to information or details that were missed unintentionally.
- Understand the significance of the adjustment procedure in financial accounting.
- Recognize the impact of adjusting entries on financial statement accuracy.
Verified Answer
VA
Learning Objectives
- Understand the significance of the adjustment procedure in financial accounting.
- Recognize the impact of adjusting entries on financial statement accuracy.
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