Which of the following applies to a "cookie jar?"
a. Understated accounts payable
b. Overstated current assets
c. Overstated reserves
d. Recording fictitious revenues
c
FEEDBACK: a. Incorrect.
b. Incorrect.
c. Correct. Overstated reserves are sometimes referred to as "cookie jar" reserves because, like money stored in a cookie jar, they represent a stash of accounting earnings that can be used to bolster the perceived performance of the company in the future.
d. Incorrect.
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