At the End of the Fiscal Year, the Usual Adjusting

question 83

Multiple Choice

At the end of the fiscal 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 balance sheet and income statement will be misstated but the statement of owner's equity will be correct for the current year.
• C) Net income will be overstated for the current year.
• D) Total liabilities and total assets will be understated.

---

Definitions:

White

Pertains to a racial classification and social identity typically associated with people of European descent.

Genocide

The calculated and methodical elimination of a community distinguished by its national, racial, political or cultural distinctions.

Tutsi Minority

An ethnic group that forms a minority of the population in Rwanda and Burundi, historically playing a significant role in the social and political dynamics of these countries.

Hutu Majority

The ethnic group that constitutes the majority of the population in Rwanda, historically involved in conflict with the Tutsi minority.