The Entry to Close the Withdrawal Account Was Entered in Reverse

question 56

Multiple Choice

The entry to close the Withdrawal account was entered in reverse - the Withdrawal account was debited and Capital credited. This error would cause

• A) Capital to be understated.
• B) net income to be overstated.
• C) net income to be understated.
• D) Withdrawals to be overstated.

---

Definitions:

Compressed Workweeks

A work schedule that allows an employee to work the required hours for the week in fewer days than the traditional five-day workweek.

Telecommuting

Working from home or outside the office at least part of the time.

Part-Time Work

Employment with fewer hours per week than a full-time job, often offering flexibility but with fewer benefits than full-time positions.

Compressed Workweek

A work schedule that allows a full-time job to be completed in less than five days.