The Accountant for Barnes Architectural Services Failed to Make an Adjusting

question 89

Multiple Choice

The accountant for Barnes Architectural Services failed to make an adjusting entry to record $7,000 of depreciation expense.Which of the following is TRUE?

• A) Total liabilities are overstated.
• B) Total liabilities are understated.
• C) Total assets are overstated.
• D) Total assets are understated.

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Definitions:

Anorexia Nervosa

An eating disorder defined by an abnormally low body weight, intense fear of gaining weight, and a distorted perception of body weight or shape.

Caucasian

A term historically used to refer to people of European origin or descent; now considered broad and imprecise for describing ethnicity.

Asian-American

Referring to Americans of Asian descent, encompassing a diverse group with roots in many different countries and cultures within Asia.

Latino

People from, or with ancestry in, Latin America, often used interchangeably with Hispanic.