At the End of the Fiscal Year the Usual Adjustment

question 103

Multiple Choice

At the end of the fiscal year the usual adjustment 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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