The Accountant for the Grassroots Company Failed to Make an Adjusting

question 47

Multiple Choice

The accountant for the Grassroots Company failed to make an adjusting entry to record revenue earned but not yet billed to customers.The effect of this error is:

• A)An overstatement of assets and of net income offset by an understatement of owners' equity.
• B)An overstatement of net income and an understatement of assets.
• C)An understatement of assets,net income,and owners' equity.
• D)An overstatement of liabilities offset by an understatement of owners' equity.

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