The accountant for Sparks Electric, Inc. failed to make an adjusting entry to record $3,000 of telephone expenses for the last two months of the year. Which of the following statements is true?
A) The total liabilities will be overstated.
B) The total liabilities will be understated.
C) The total assets will be overstated.
D) The total assets will be understated.
B
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If a company has a policy of maintaining an inventory of finished goods at a specified percentage of the next month's budgeted sales, budgeted production for January will exceed budgeted sales for January when budgeted
a. February sales exceed budgeted January sales. b. January sales exceed budgeted December sales. c. January sales exceed budgeted February sales. d. December sales exceed budgeted January sales.
Replies to requests for credit information are complicated
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A fixed-rate mortgage is a standard mortgage with a rate of interest that changes periodically.
Answer the following statement true (T) or false (F)
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Indicate whether the statement is true or false.