The Adjustment for Accrued Wages Was Not Done; This Would

question 109

Multiple Choice

The adjustment for accrued wages was not done; this would cause

• A) liabilities to be overstated.
• B) liabilities to be understated.
• C) expenses to be overstated.
• D) net income to be understated.

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Definitions:

Trade Secrets

Information that is not known to the public, confers some sort of economic benefit on its holder, and is the subject of efforts to maintain its secrecy.

Reasonable Precautions

Measures taken that are sensible and prudent under the circumstances to prevent harm.

Patent

A legal right granted by the government to an inventor for a certain period of time, allowing them to exclude others from making, using, selling, or distributing the patented invention without permission.

Renewed

The act of extending the period of validity or effectiveness of something, such as a license, subscription, or agreement.