
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
A company forgot to record accrued and unpaid employee
wages of $350,000 at period-end. This oversight would
a. Understate net income by $350,000.
b. Overstate net income by $350,000.
c. Have no effect on net income.
d. Overstate assets by $350,000.
e. Understate assets by $350,000.
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