If an Accountant Fails to Make an Adjusting Entry at the End

question 15

Multiple Choice

If an accountant fails to make an adjusting entry at the end of a fiscal period to record expired insurance, the omission will cause

• A) total assets to be understated.
• B) total expenses to be understated.
• C) total revenue to be understated.
• D) liabilities to be overstated.
• E) liabilities to be understated.

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Definitions:

Descriptive Index

A statistical measure or indicator used to describe the characteristics of a specific group or population.

Measure

A method or tool used to quantify, assess, or track progress or performance in various fields.

Interactional Unfairness

The perception of being treated without respect or dignity by others, particularly in decisions affecting one's career or job.

Dissatisfied

Feeling of unhappiness or disappointment resulting from unmet expectations or needs in personal, professional, or social contexts.