BUS-A 100 Study Guide - Midterm Guide: Big Four Accounting Firms, Accounts Payable, Inventory Turnover
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BUS-A 100 Full Course Notes
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1 which of the following is not one of the big four accounting firms? a kpmg d pwc. Ernst & young e deloitte c williams & jefferson. 2 the bookkeeper at your company mistakenly recorded six months of prepaid insurance as an expense in month. What impact does this have on the first month"s financial statements? a assets are overstated and expenses are understated. Both assets and net income are understated. c liabilities are understated and expenses are overstated. d both assets and expenses are understated. e both assets and liabilities are understated. 3 which of the following could your company do to increase net income for the current period? a buy inventory on account instead of paying cash immediately. Try to collect accounts receivable sooner c delay paying accounts payable until the following year d buy insurance one month at a time rather than prepaying six months at once e none of the above will increase net income.
