The Accountant for Jones Auto Repair Company Failed to Make

question 113

Multiple Choice

The accountant for Jones Auto Repair Company failed to make an adjusting entry to record $5,000 of unpaid salaries for the last 2 weeks of the year.Which of the following is TRUE?

• A) Net income is overstated.
• B) Total assets are understated.
• C) Total liabilities are overstated.
• D) Total assets are overstated.

---

Definitions:

Symbolic Notation

The use of symbols or abbreviations to represent specific objects, operations, or quantities in various fields, including mathematics, physics, and chemistry.

Atomic Components

The simplest parts or elements of something that cannot be divided further without losing its essential properties.

Atomic Statements

Simple statements that cannot be broken down into smaller parts, each representing a single fact or proposition.

Connectives

Logical operators that connect propositions or sentences, such as "and," "or," and "not."