During 2017, a $50,000 Loss on the Sale of Machinery

question 48

Multiple Choice

During 2017, a $50,000 loss on the sale of machinery was incorrectly recorded as a factory equipment repair. The error was not discovered until the books were closed and the financial statements were issued for 2018. What adjustment is necessary?

• A) No adjustment is necessary to books or financial statements.
• B) Record a correction to the books for 2017 and 2018 and recall prior financial statements.
• C) Since only income statement accounts are affected, make no entry to the books but recall the 2017 income statement.
• D) Make no entry, but if $50,000 is a material amount, retrospectively adjust the 2017 comparative income statement.

Comprehend the process and stages involved in implementing contingency management programs.

Understand the mechanisms and effects of extinction on behavior.

Recognize the role of behavior modification and self-reinforcement in changing behavior.

Identify brain structures associated with negative contrast effects.

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Definitions:

Authentic Leadership

A leadership style characterized by genuine, transparent, and ethical leader behavior.

Optimism

A tendency to expect the best possible outcome or dwell on the most hopeful aspects of a situation.

Internalized Moral Perspective

An ethical stance guided by internal moral principles rather than external pressures.

Critical Life Events

Significant occurrences in an individual's life that have the potential to cause substantial changes or impacts.