Failure to Record Depreciation Expense at the End of an Accounting

question 47

Multiple Choice

Failure to record depreciation expense at the end of an accounting period results in

• A) understated income.
• B) understated assets.
• C) overstated expenses.
• D) overstated assets.

---

Definitions:

Long-Term Liabilities

Financial obligations of a business that are due more than one year in the future, such as bonds payable, long-term loans, and lease obligations.