Question 19 Answer saved Marked out of 1.

00

Which of the followingis not characteristic of nancial accounting?

Select one:

a. Information used in nancial statements is prepared in conformity with generally

accepted accounting principles.

b. The information is con dential and is intended for use only by company
management.

c. The information is used in a wide variety of business decisions

d. The information is developed according to well de ned standards.

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Question 20 Answer saved Marked out of 1.00

The accountant for the McCarthy Company forgot to make an adjusting entry to
record depreciation for the current year. The e ect of this error could be:

Select one:

a. An overstatement of net income and an understatement of assets.

b. An overstatement of assets o set by an understatement of owner’s equity.

c. An overstatement of assets, net income, and owner’s equity.

d. An overstatement of assets and of net income and an understatement of owner’s

equity.

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