A company made no adjusting entry for accrued and unpaid employee salaries of $9,000 on December 31. Which of the following statements is true?
A) It will have no effect on income.
B) It will overstate assets and liabilities by $9,000.
C) It will understate net income by $9,000.
D) It will understate assets by $9,000.
E) It will understate expenses and overstate net income by $9,000.
E) It will understate expenses and overstate net income by $9,000.
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Fill in the blank(s) with the appropriate word(s).
The stock release copy of the sales order is not used to
a. locate and pick the items from the warehouse shelves b. record any out-of-stock items c. authorize the warehouse clerk to release custody of the inventory to shipping d. record the reduction of inventory
Permanent differences between pretax book income and taxable income arise from tax-exempt interest revenue and certain fines
Indicate whether the statement is true or false
To be useful, compensable factors should be:
A. based on the strategy of the organization's competitors B. constant during major shifts in business strategies C. based on the strategy but not the values of the organization D. standardized across all employers E. acceptable to the stakeholders affected by the resulting pay structure