At January 31, the end of the first month of the year, the usual adjusting entry transferring expired insurance to an expense account is omitted. Which items will be incorrectly stated, because of the error, on (a) the income statement for January and (b) the balance sheet as of January 31? Also indicate whether the items in error will be overstated or understated.

Danielle enjoy working as in certified public accountant (cpa) and assisting small business and individuals with managing their financial and taxes . which general area of accounting is her specialty ?

Employees of dti, inc. worked 1,600 direct labor hours in january and 1,000 direct labor hours in february. dti expects to use 18,000 direct labor hours during the year, and expects to incur $22,500 of worker’s compensation insurance cost for the year. the cash payment for this cost will be paid in april. how much insurance premium should be allocated to products made in january and february?

Which term best fits the sentence? is the process of reasoning, analyzing, and making important decisions. it’s an important skill in making career decisions. a. critical thinking b. weighing pros and cons c. goal setting