It Is the Year End, but Not the Pay Period

question 26

Multiple Choice

It is the year end, but not the pay period end. How will this affect the balance sheet?

• A) Assets will be decreased.
• B) Liabilities will be increased.
• C) Owner's equity will be increased.
• D) Net Income will be increased.

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Definitions:

Traumatic Accident

A distressingly impactful or catastrophic event causing physical injury or psychological harm.

Resistant To Change

The inclination to oppose or struggle against modifications to one's routine, environment, work, or beliefs.

Automatic Attitudes

Immediate, reflexive responses that are influenced by underlying preferences and prejudices.

Deliberate Attitudes

Beliefs and feelings that are consciously held and formed through reflection and reasoning.