If an Adjustment for Depreciation Is Omitted from the Financial

question 2

Multiple Choice

If an adjustment for depreciation is omitted from the financial reports, the effect is which of the following?

• A) Assets are understated; profit is understated
• B) Assets are overstated; profit is overstated
• C) Assets are understated; profit is overstated
• D) Assets are overstated; profit is understated

---

Definitions:

Tag

A label or identifier used in programming and databasing to categorize or mark information for easier retrieval or processing.

Logic Elements

Basic building blocks used in digital circuits and systems, such as AND, OR, NOT gates, which perform logical operations.

Sequential Function Chart

A graphical programming language used in programmable logic controllers (PLCs) for describing steps or states and the transitions between them.

Ladder Logic

A graphical programming language used to develop software for programmable logic controllers (PLCs) that emulates electrical relay logic.