How would this error affect equality of accounting equation

Assignment Help Accounting Basics

Reference no: EM131526381

Question: 1. Assume that Donahue Consulting erroneously recorded the payment of $11,500 of dividends as salary expense.

(a) How would this error affect the equality of the accounting equation?

(b) How would this error affect the income statement, retained earnings statement, balance sheet, and statement of cash flows?

2. What are the basic elements of a financial accounting system? Do these elements apply to all businesses from a local restaurant to General Motors? Explain.

Reference no: EM131526381

Questions Cloud

What benefits should the brand stand for and deliver on : What benefits should the brand stand for and deliver on? How would the demographic groups mentioned above vary if entering a foreign market?

Analyze types of organizational and computer architectures : Analyze the types of organizational and computer architectures for integrating systems. Analyze the main classes of hardware and system software components

Growth of e-commerce affected the value of firms : How is the merger going to create value in a weak fashion market? How has the growth of e-commerce affected the value of these firms?

Applying to the renegotiated cash flows : What is the true discount rate (nominal annual rate with semi-annual compounding) investors are applying to the renegotiated cash flows?

How would this error affect equality of accounting equation : Assume that Donahue Consulting erroneously recorded the payment of $11,500 of dividends as salary expense.

Reproduction and being made sounds so impersonal : When a child is created by artificial means through scientific technology this is considered as reproduction.

Is net income affected by the payment of dividends : Fathom Consulting Services acquired land three years ago for $25,000. Fathom recently signed an agreement to sell the land for $80,000.

Developing a professional network : Developing a professional network, experiences you had presenting your resume at job fairs, or interaction on professional networking websites such as LinkedIn

Find the? marginal-revenue equation : Find the? marginal-revenue equation and use it to find the marginal revenue for the production of the given number of bushels.

User Account

All Pages