Due to an Oversight,a Company Made No Adjusting Entry for Accrued

question 15

Multiple Choice

Due to an oversight,a company made no 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

---

Definitions:

Eye Safety

The practice of taking preventative measures to protect the eyes from injury, strain, or infection.

Cleaning Solutions

Mixtures or substances used to remove dirt, germs, and other contaminants from surfaces.

Choroid

The middle layer of the eye, which contains the iris, the ciliary body, and most of the eye’s blood vessels.

Ciliary Body

A wedge-shaped thickening in the middle layer of the eyeball that contains the muscles that control the shape of the lens.