If the accountant forgot to make an adjusting entry to record $5,000 of accrued wages at year-end, this means that the total expenses reported for the period will be understated by $5,000.
In financial reporting, accrued wages are an expense that has been incurred but not yet paid. Not recording this expense means that the company's total expenses on the income statement will be lower than they actually are, which will also result in an overstated net income.
Therefore, the total expenses are understated by $5,000.