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.

---

Definitions:

Epidural Space

The area between the dura mater and the vertebral wall, containing fat and small blood vessels, within the spine.

Dura Mater

The outermost, tough layer of the three meninges that cover the brain and spinal cord, providing protection.

Meninx

The enveloping membrane of the brain and spinal cord; includes dura mater, arachnoid, and pia mater.

Periosteum

Thick, double-layered connective tissue sheath covering the entire surface of a bone, except the articular surface, which is covered with cartilage.