At the end of the fiscal year, the usual adjusting entry for accrued salaries owed to employees was omitted. Which of the following statements is true?
A) Salary Expense for the year was understated.
B) The total of the liabilities at the end of the year was overstated.
C) Net income for the year was understated.
D) Owner's equity at the end of the year was understated.
A
You might also like to view...
Donna Zack invested $5,575 in a mutual fund with an offer price of $20.39 and a net asset value of $10.15. How many shares did Donna purchase? (Round to thousandths)
What will be an ideal response?
Accounting for inventory and cost of goods sold and for depreciation is an example of:
a. elastic uniformity. b. finite uniformity. c. flexibility. d. rigid uniformity.
A tool used to distinguish between five types of product requirements that influence customer satisfaction best defines
A) TMAP. B) QFD. C) Kano model. D) Pareto chart.
A producer of high-quality stereo component equipment has developed a new line of very inexpensive, low quality "rack systems" to sell through discount stores. It probably should not use its current ________ brand for the new line.
A. licensed B. dealer C. family D. national E. generic