At the End of the Fiscal Year, the Usual Adjusting

question 165

Multiple Choice

At the end of the fiscal year, the usual adjusting entry for accrued salaries owed to employees was omitted.Which of the following statements is true?

• A)Salaries and Wages Expense for the year is overstated.
• B)Liabilities at the end of the year are understated.
• C)Assets at the end of the year are understated.
• D)Stockholders' equity at the end of the year is understated.

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Definitions:

Underwater

Relates to being submerged or located beneath a body of water.

Retrieved

Refers to information that has been recovered or accessed, usually from memory or a storage system.

Land

The part of the earth's surface that is not covered by water, often considered in terms of its ownership or use.

Priming

A psychological phenomenon whereby exposure to one stimulus influences the response to a subsequent stimulus, without conscious guidance.