question archive What is the effect on the financial statements when a company fails to accrue salaries expense at year-end? Net income is overstated and liabilities are properly reported
What is the effect on the financial statements when a company fails to accrue salaries expense at year-end? Net income is overstated and liabilities are properly reported
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What is the effect on the financial statements when a company fails to accrue salaries expense at year-end?
| Net income is overstated and liabilities are properly reported. | |
| Expenses and liabilities are both overstated. | |
| Net income is overstated and liabilities are understated. | |
| Expenses are understated and stockholders' equity is understated. |
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