Omission of accrued expenses in year 1 will result to a. Understatement of expenses in year 1 b. Understatement of retained earnings in year 1 c. Overstatement of liabilities in year 1 d. Understatement of net income in year 1

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is