The Business Failed to Close Any of the Revenue Accounts

question 31

Multiple Choice

The business failed to close any of the revenue accounts. The result of this error is that:

• A) revenues will be understated.
• B) capital will be understated.
• C) the assets will be overstated.
• D) the liabilities will be overstated.

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Definitions:

Facebook Page

A public profile created on the Facebook platform for businesses, organizations, celebrities, or any entity to share content and interact with followers.

Personality

A set of emotional, cognitive, and behavioral patterns and traits that define an individual’s typical responses to the environment.

Dresses

Garments for the body, typically extending from the shoulders to a length somewhere between the hips and the ankles.

Person And Situation

A concept in psychology that emphasizes the interaction between an individual's personality and environmental factors in determining behavior.