Failure to Prepare an Adjusting Entry at the End of the Period

question 135

Multiple Choice

Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause

• A)profit to be understated.
• B)an overstatement of assets and an overstatement of liabilities.
• C)an understatement of expenses and an understatement of liabilities.
• D)an overstatement of expenses and an overstatement of liabilities.

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Definitions:

Mammal

A class of warm-blooded vertebrate animals characterized by the presence of mammary glands, which in females produce milk for feeding their young.

Unusual

Something that is not common, ordinary, or expected, often arousing interest due to its difference.

Abandon

To leave completely and finally; forsake utterly; desert.

Zamboni's Efficiency

The effectiveness of a Zamboni machine in smoothing ice surfaces, typically in ice skating rinks.