The Accountant for the Grassroots Company Failed to Make an Adjusting

question 47

Multiple Choice

The accountant for the Grassroots Company failed to make an adjusting entry to record revenue earned but not yet billed to customers.The effect of this error is:

• A)An overstatement of assets and of net income offset by an understatement of owners' equity.
• B)An overstatement of net income and an understatement of assets.
• C)An understatement of assets,net income,and owners' equity.
• D)An overstatement of liabilities offset by an understatement of owners' equity.

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Definitions:

Pediatric Patient

A child or adolescent under the care of a medical professional, typically ranging from newborn to 18 years old.

Reinforcement

In psychology, a consequence applied that increases the likelihood of a behavior being repeated in the future.

Memory Loss

The inability to recall past events, information, or experiences, which can be a symptom of neurological conditions or aging.

Head Injury

Any trauma to the head that may or may not affect the brain and its functions, ranging from mild (bump, bruise) to severe (fractures, brain damage).