At the End of the Financial Year, the Usual Adjusting

question 13

Multiple Choice

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

• A) Total assets will be understated at the end of the current year.
• B) The profit and loss statement will be misstated but the balance sheet will be correct for the current year.
• C) Net profit will be overstated for the current year.
• D) Total liabilities and total assets will be understated.

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