In Preparing Its 2014 Adjusting Entries,the ZigZag Ltd Forgot to Adjust

question 13

Multiple Choice

In preparing its 2014 adjusting entries,the ZigZag Ltd forgot to adjust the Office Supplies (asset) account for the amount of supplies used up during the year.As a result of this error:

• A)2014 profit is understated,the balance of equity is understated,and assets are understated.
• B)2014 profit is overstated,the balance of equity is correct,and assets are overstated.
• C)2014 profit is overstated,the balance of equity is overstated,and assets are overstated.
• D)2014 profit is overstated,the balance of equity is overstated,and assets are correctly stated.

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Definitions:

Art Historical Period

A specific phase in art history that is characterized by distinct styles, techniques, and cultural influences.

Muromachi

A period in Japanese history (1336–1573) characterized by the political dominance of the Ashikaga shogunate and significant cultural developments including tea ceremony and ink painting.

Momoyama

A period in Japanese history (1573-1603) marked by the unification under the Tokugawa shogunate and noted for its distinctive art, such as castles and decorative tea-ceremony rooms.

Painting Style

Refers to the distinct techniques and methods used by artists in the creation of their paintings.