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If a company failed to make the end of period adjustment to remove from the Unearned Management Fees account the amount of management fees that were earned this omission would cause?
Wiki User
∙ 12y ago
an overstatement of liabilities
Wiki User
∙ 12y ago
Anonymous
An understatement of equity
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What is errors of omission in accounting?
ERROR OF OMISSION is an error which occurs as a result of an action not taken. In accounting, the error occurs when both the entries required for a transaction are completely omitted from the books.
What type of errors affect the trial balance?
is called error of omission
What is error of trial balance?
Type your answer here omission error commission error principles error compensatory error
What do you do if you forget to file a W-2 form?
Form W-2 is Wage and Tax Statement and is filled out by your employer. If you forget to file a W-2 form on your original return, then you need to file an amended return to correct the omission as soon as possible after you discover the omission. Form 1040X is Amended U.S. Individual Income Tax Return.
What is materiality and inmateriality in an audit?
Materiality is the magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement. While that the relevant financial statement bases and presumptions on the effect of combined misstatements or omissions that would be considered Immaterial. It does not affect the financial statement.
Define concept of materiality in accounting?
Any omission, misstatement or non disclosure of information that can adversely affect users decision or discharge management from its accountability.
What are oversight hearings?
Oversight can mean two different things, depending on the context. Generally, oversight means a mistake or an omission but it can also mean supervision or management and is a term often used with reference to the government.
Why is demand history irrevelant for the management of raw materials and work in process?
Discussion Question number 2 on page 397 in Chapter 16 of Operations Management, Contemporary Concepts and Cases (Fourth Edition) by Roger G. Schroeder has a typographical error of omission which is questioned by many online business students who use the textbook and are asked by their instructors to answer this discussion question which should read: "Why is dependent demand history irrelevant for the management of raw material and work-in-process inventories?" The answer can be found very early in the chapter, but it would be cheating to try to find it on WikiAnswers simply by typing it in!
What part of speech is omission?
Omission is a noun.
What does omission mean?
An omission is when something is left out.
Omission in a sentence?
The omission of his name from the movie credits is regrettable. He lied by omission when he failed to say that he had in fact been there that night. It was an omission to not give the winner a prize.
When was Lives of Omission created?
Lives of Omission was created in 2011.
What is elision in phonetics?
elision is the omission of sounds, especially the omission of schwa.
What is the base word of omission?
a contraction
How could you use omission in a sentence?
The omission of an important number was an unintended mistake.
When did Lives of Omission end?
Lives of Omission ended on 2011-09-09.
A sentence for omission?
Example sentence - The omission of the facts was not acceptable to the grand jury.
