WGU Accounting 8.1 The Types of Problems that Can Occur

8.1 The Types of Problems that Can Occur Points: 5 Graded on Oct 07 at 15:19 Your Submission: Submission Score: 4 / 5 (80.00%) Grade Time: Oct 07 at 15:19 Submitted On: Oct 07 at 15:19 1. Which of the following statements is true about errors in the financial statements of a company? o Errors are usually an intentional attempt at fraud. o Errors are not intentional and therefore do not need to be corrected. o Errors are a result of intentional mistakes made while recording or posting transactions. o Errors are not intentional and when detected are immediately corrected. FEEDBACK 1 / 1 (100.0%) Answer: Errors are not intentional and when detected are immediately corrected. 2. Recording the payment of an account payable twice will result in the o Understatement of total assets and total liabilities o Overstatement of total assets and understatement of total liabilities o Understatement of total assets and overstatement of total liabilities o Overstatement of total assets and total liabilities