At the End of the Financial Year,the Usual Adjusting Entry

question 23

Multiple Choice

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

• A) Salary expense for the year was overstated.
• B) The total of the liabilities at the end of the year was overstated.
• C) Net profit for the year was understated.
• D) Shareholders' equity at the end of the year was overstated.

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Definitions:

Feedforward

is a communication process that involves giving future-oriented feedback to help someone adjust their actions before they engage in a specific behavior.

Input-Throughput-Output Cycle

A model or process that describes how input (resources, information) is processed (throughput) to produce a certain output (products, services).

Relevant Phases

Pertains to the specific stages or segments within a process or project that are significant and pertinent to its successful completion.

Right Things

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