If the Year-End Depreciation Adjustment Was Not Recorded

question 88

Multiple Choice

If the year-end depreciation adjustment was not recorded:

• A)assets and owners' equity would be understated
• B)liabilities and owners' equity would be overstated
• C)assets and net income would be overstated
• D)net income and owners' equity would be understated

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Definitions:

Gasoline

A refined petroleum product used primarily as fuel in internal combustion engines.

Auto Repairs

Services conducted to fix or maintain vehicles to ensure they are in proper working condition, often necessitating parts replacement or maintenance.

Hours Per Day

A measure of time, typically referring to the number of hours allocated or spent on a particular activity within a 24-hour period.

Apiary

A location where beehives are kept for the production of honey.