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-In the figure above, a decrease in the quantity of oil supplied but NOT a decrease in the supply of oil is shown by a movement from
Overstated
The description of financial statements or figures that have been reported at amounts higher than is factual or realistic.
Understated
Understated refers to financial information that is reported at a figure less than the actual value, inadvertently decreasing net income or asset values.
Replacement Cost
The current market price it would cost to replace an asset with a similar new asset.
Market Value
The present cost at which a service or asset is available for purchase or sale on an open market.
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