At the End of the Fiscal Year, the Usual Adjusting

question 192

Multiple Choice

At the end of the fiscal year, the usual adjusting entry for depreciation on equipment was omitted.Which of the following statements is true?

• A)Net income will be overstated for the current year.
• B)Total assets will be understated at the end of the current year.
• C)The balance sheet and income statement will be misstated but the retained earnings statement will be correct for the current year.
• D)Total expenses will be overstated at the end of the current year.

---

Definitions:

Sexual Advances

Unwanted or inappropriate behavior with a sexual undertone, often considered harassment, especially in the workplace or professional settings.

Employment Benefit

Any form of compensation or perk provided by an employer to an employee, above and beyond the regular salary or wages.

UN Global Impact

United Nations' initiatives aimed at promoting sustainability and equity worldwide through various programs and partnerships.

Function

Denotes the specific role or purpose something is designed or expected to perform.