contestada

the city asks the cpa firm of abernethy and chapman to examine several transactions that occurred during 2020 and indicate how to correct any erroneous reporting. officials also want to know the effect of each error. view each of the following situations as independent. during 2020, the city of coyote received $10,000, which was recorded as a general revenue in the general fund. it was actually a program revenue earned by the city's park program.

Respuesta :

The error in this particular situation is that the revenue was recorded in the general fund, instead of the park program fund. To correct the error, the revenue should be reclassified and moved from the general fund to the park program fund.

The effect of this particular correction would be that the revenue would be allocated to the park program fund, rather than the general fund, which would allow the park program to better allocate the funds to the necessary programs. Additionally, this correction would allow the city to properly track the revenue and expenses associated with the park program.

To know more about error here

https://brainly.com/question/18274250

#SPJ4

Otras preguntas