Posts Tagged ‘teacher’

2 results.
Jan21

How do I use the accounting equation to figure out impact of errors made. Please help..?

by mutong on January 21st, 2011
Posted In: Accounting

We need to know the impact of inventory errors on income statement and balance sheet. My teacher said that the balance sheet can self-correct..for example retained earnings at the end of year 2 is correct…what does he mean by this…can someone explain to me in depth about the whole inventory error issue and how to use the equation..I tried reading the book and it just confused me more..i need to know how to use the equation to figure out the impact of the errors..please help..

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Jan17

In accounting does an expense affect a liability or the owner’s equity?

by mutong on January 17th, 2011
Posted In: Accounting

I’ve heard my teacher mention expenses along with owner’s equity and now Im being asked to label a wage expense as a liability or affecting owner’s equity and am not 100%. Im pretty sure it’s a liability but accounting isn’t really coming easy to me.

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