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:

RNA Nucleotides

The basic structural units of RNA, composed of a nitrogenous base, a ribose sugar, and a phosphate group.

Triphosphates

Organic compounds that contain three phosphate groups and are involved in energy transfer within cells, ATP being the most notable example.

Transcription

The process by which the genetic information in a strand of DNA is copied into a new molecule of messenger RNA (mRNA).

Translation

The process by which the sequence of bases in messenger RNA is converted into the sequence of amino acids in a protein by ribosomes and transfer RNA.