At the End of the Current Year,the Accountant for Colorful

question 52

Multiple Choice

At the end of the current year,the accountant for Colorful Graphics,Inc.forgot to make an adjusting entry to accrue Wages Payable to the company's employees for the last week in December.The wages will be paid to the employees in January.Which of the following is an effect of this error?

• A)Net income is overstated.
• B)Liabilities are overstated.
• C)Net income is understated.
• D)Expenses are overstated.

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Definitions:

Absences

The instances where employees are not present at their workplace during expected working hours for various reasons such as illness, personal matters, or vacations.

Contingent Reinforcement

A behavioral principle where the delivery of reinforcement is dependent on the occurrence of a specific behavior.

Reinforcer

Any stimulus that, when presented after a response, increases the likelihood of that response occurring in the future.

Desired Behavior

The specific actions or reactions an organization or individual aims to elicit from others through guidance or incentivization.