Due to an Oversight, the Company Bookkeeper Made No Adjusting

question 1

Multiple Choice

Due to an oversight, the company bookkeeper made no adjusting entry for accrued and unpaid employee wages of $24,000 on December 31. This oversight would

• A) Understate profit by $24,000
• B) Have no effect on profit
• C) Overstate profit by $24,000
• D) Overstate liabilities
• E) Have no effect on the balance sheet

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Definitions:

Mindfulness

A mental state achieved by focusing one’s awareness on the present moment while calmly acknowledging and accepting one's feelings, thoughts, and bodily sensations.

Positive Psychology

A branch of psychology focused on the study of positive aspects of human life, such as happiness, well-being, and flourishing.

Behavioral Psychology

A branch of psychology focused on the study of observable behaviors and the processes behind them.

Cognitive Psychology

The study of mental processes such as "attention, language use, memory, perception, problem-solving, creativity, and thinking."