A Company Forgot to Record Four Adjustments During 2013

question 64

Multiple Choice

A company forgot to record four adjustments during 2013.Which one of the following omissions of adjustments will overstate assets?

• A)Sales made during the last week of the period are not recorded.
• B)Interest on monies borrowed has not yet been recorded.
• C)Prepaid insurance is not reduced for the portion of the policy that has expired during the period.
• D)Income taxes owed but not yet paid are ignored.

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Definitions:

Global Self-Esteem

Refers to the overall value that one places on oneself as a person, integrating beliefs and feelings from various aspects of self-concept into a single self-assessment.

Non-Academic Area

Aspects of education or development that don't include formal classroom learning, such as sports, clubs, and personal hobbies.

Academic Area

Specific domains or disciplines within the educational system, such as mathematics, science, humanities, or arts, focusing on particular bodies of knowledge and skills.

Premoral Stage

In Piaget’s theory of moral development, characterizes preschoolers who are unconcerned about established rules or standards.