Due to an Oversight,a Company Did Not Make an Adjusting

question 189

Multiple Choice

Due to an oversight,a company did not make an adjusting entry for accrued and unpaid employee wages of $24,000 on December 31.This oversight would:

• A)Understate net income by $24,000.
• B)Overstate net income by $24,000.
• C)Have no effect on net income.
• D)Overstate assets by $24,000.
• E)Understate assets by $24,000.

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Definitions:

Physical Fitness

The ability to perform aspects of sports, occupations, and daily activities without undue fatigue.

Standard Deviation

A measure of the dispersion or variability in a set of data points, representing the average distance from the mean.

Robustness

The ability of a statistical method or test to remain effective under a variety of conditions or assumptions, or when faced with violations of those assumptions.

Sign Test

A non-parametric test used to evaluate the difference between paired samples, based on the direction of the differences between the pairs, not their magnitude.