At the End of the Current Year,the Accountant for Navistar

question 137

Multiple Choice

At the end of the current year,the accountant for Navistar Graphics forgot to make an adjusting entry to accrue Wages payable to the company's employees for the last week in December.The wages will be paid to the employees in January.Which of the following is one of the effects of this error?

• A) Net income is overstated.
• B) Liabilities are overstated.
• C) Net income is understated.
• D) Expenses are overstated.

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Definitions:

Visual Preference

The tendency to preferentially pay attention to certain visual stimuli over others, often studied in the context of infant and child development.

Stimulus

Any external or internal event or factor that can provoke a response from an organism or a system.

High-Amplitude Sucking

A method used in developmental research where infants control the presentation of stimuli by varying their sucking strength.

Attention

The act of focusing thought or consciousness on a specific subject or activity.