If the Credit Amount of an Entry to Record the Payment

question 112

Multiple Choice

If the credit amount of an entry to record the payment of salaries was not posted:

• A)assets would be overstated and owners' equity would be overstated.
• B)liabilities would be understated and owners' equity would be overstated.
• C)expenses would be understated and owners' equity would be understated.
• D)there would be no effect on stockholders' equity.

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Definitions:

Population Mean

The average of a set of characteristics or values within an entire population.

Midrange

The statistical measure calculated by adding the highest and lowest values in a dataset and then dividing by two, indicating the midpoint of the data range.

Variance

A measure of the dispersion or spread of a set of data points around their mean value, indicating how much the data points differ from the average.

Standard Deviation

A calculation that quantifies the extent of deviation or spread within a group of data points.