A Tired Accountant Failed to Record the Adjusting Entry for Accrued

question 18

Multiple Choice

A tired accountant failed to record the adjusting entry for accrued salaries. How does this error affect net income?

• A)The assets for the period will be understated.
• B)The net income for the period will be understated.
• C)The net income for the period will be overstated.
• D)The net income for the period will not be affected.

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Definitions:

Spool Valve

Commonly used hydraulic valve in which a sliding spool within a valve body is used to open and close hydraulic subcircuits.

Hydraulic Circuits

systems that use fluid under pressure to perform a variety of actions in machinery and equipment, often for power transmission.

Hydraulic Analyzer

A device used to measure, analyze, and verify the performance of hydraulic systems through various metrics such as pressure, flow, and temperature.

Circuit Flow

Circuit Flow describes the path and movement of electrical current through a circuit, indicating how electricity travels from the source, through various components, and back to the source.