If an Accountant Forgot to Record Depreciation on Office Equipment

question 108

Multiple Choice

If an accountant forgot to record depreciation on office equipment at the end of an accounting period, what is the effect on the statements prepared at that time?

• A) Assets are overstated and equity is understated.
• B) Assets and equity are both understated.
• C) Assets are overstated, profit is understated, and equity is overstated.
• D) Assets, profit, and equity are understated.
• E) Assets, profit, and equity are overstated.

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Definitions:

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A glycopeptide antibiotic used to treat serious bacterial infections caused by gram-positive bacteria, often in situations where other antibiotics are ineffective.

Reconstitution

The process of mixing a liquid, typically water, with a dry powdered substance to return it to its liquid form.

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The amount of a drug in a given volume of solution or mixture, often expressed in mg/mL or other units of measurement.

Oxacillin Sodium

A penicillin-based antibiotic used to treat a variety of bacterial infections.