At the End of the Financial Year,the Usual Adjusting Entry

question 23

Multiple Choice

At the end of the financial year,the usual adjusting entry for accrued salaries owed to employees was omitted.Which of the following statements is true?

• A) Salary expense for the year was overstated.
• B) The total of the liabilities at the end of the year was overstated.
• C) Net profit for the year was understated.
• D) Shareholders' equity at the end of the year was overstated.

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Definitions:

Adjust

To change or modify something in order to achieve a desired fit, appearance, or result.

Death Situations

Scenarios or circumstances involving death, including the processes of dying, bereavement, and the rituals and customs that follow death.

Death Education

Educational programs or courses designed to help individuals understand the psychological, social, and biological aspects of dying and death.

Individual

A single human being distinct from a group, class, or family, considered in terms of their unique thoughts, feelings, and actions.