ons b Multiple choice 03-074 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. owner's equity at the end of the year was understated. 0 b. The total of the liabilities at the end of the year was overstated. c Salary Expense for the year was understated. d. Net income for the year was understated. b Multiple choice 03-074