The Accountant of Skyscrapers Architectural Services Failed to Make an Adjusting

question 90

Multiple Choice

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

• A)The total liabilities will be overstated.
• B)The equity will be understated.
• C)The total assets will be overstated.
• D)The total assets will be understated.

---

Definitions:

Unlicensed Attorney

An individual practicing law without the necessary legal authorization or license, which is illegal and subject to penalties.

Public Policy

Principles and standards considered to be in the public's interest by governing bodies and law.

Promissory Estoppel

A legal principle that prevents a party from reneging on a promise when the other party has reasonably relied on that promise to their detriment.

Administration of Justice

The process by which a legal system operates and enforces laws, ensuring fairness and resolving disputes.