Langdon Company Experienced an Accounting Event That Affected Its Financial

question 28

Multiple Choice

Langdon Company experienced an accounting event that affected its financial statements as indicated below: $$\begin{array} { | c | c | c | c | c | c | c | c | c | c | } \hline \text { Assets } & = & \text { Liabilities } & + & \text { Equity } & \text { Revenue } & - & \text { Expense } & = & \text { Net income } \\\hline ( 250 ) & = & n / \mathrm { a } & + & ( 250 ) & \mathrm { n } / \mathrm { a } & - & 250 & = & ( 250 ) \\\hline\end{array}$$ Which of the following transactions could have caused the indicated effects on the company's accounting equation?

• A) Goods transferred from work in process to finished goods.
• B) Allocation of underapplied overhead to cost of goods sold.
• C) Collection of account receivable.
• D) Allocation of overapplied overhead to cost of goods sold.

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Definitions:

Underlying Mass

A lump or growth located below the surface of the skin or deeper within the body, which may require medical evaluation to determine its nature.

Physical Assessment Technique

Methods and procedures used by healthcare professionals to evaluate the body for signs of disease or abnormalities.

Palpation

The technique of examining parts of the body by touch, especially for the purpose of diagnosing disease or illness.

Inspection

The act of examining something visually to assess its condition or to detect the presence of abnormalities.