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NEW QUESTION: 1
In the prior accounting period, an entity incorrectly expensed a newly purchased piece of equipment rather than establishing an asset balance and beginning to depreciable it over the estimated useful life of the item. To correct this material error in the single period financial statements of the current period, the entity records which entry?
A. Option C
B. Option B
C. Option D
D. Option A
Answer: D
Explanation:
To correct the prior-period material error, the entity must, in the single-period statements issued for the current period, adjust the affected opening balances. Hence, the entity must debit equipment for its cost and credit accumulated depreciation for the depreciation expense appropriate for the first year of the estimated useful life. Retained earnings must be credited because the error understated profit or overstated loss in the prior period.
NEW QUESTION: 2
When building a platform for a Snort installation, which set of components is a major security concern?
A. IP address, mask, and gateway settings
B. host naming conventions
C. URL feed vendors
D. default accounts and settings
Answer: D
NEW QUESTION: 3
Drag each WAN access connectivity option on the left to the matching design goal on the right.
Answer:
Explanation:
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