Miss Happ of Ace Electronics Forgot to Make the Adjusting

question 100

Multiple Choice

Miss Happ of Ace Electronics forgot to make the adjusting entry for prepaid insurance that expired during the accounting period.As a result of this mistake ________.

• A)total liabilities are too low
• B)net income is too high
• C)net income is too low
• D)shareholders' equity is too low

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Definitions:

Rhomboideus Major

A muscle in the back that connects the spine to the scapula, involved in retracting the shoulder blade.

Infraspinatus

A muscle located on the back of the shoulder blade that is responsible for the external rotation of the shoulder joint.

Deltoid Group

A group of muscles in the shoulder responsible for arm abduction, flexion, extension, and rotation.

Trapezius Group

A large muscle group in the back that is responsible for moving, rotating, and stabilizing the scapula and extending the neck.