Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta

Exercise 61

Review the balance sheet of Apple in Appendix A. Identify one asset account that requires adjustment before annual financial statements can be prepared. What would be the effect on the income statement if this asset account were not adjusted (Number not required, but comment on over- or understating of net income.)

Reference: balance sheet of Apple in Appendix A