Short Answer
For each of the following oversights, state whether total assets will be understated (U), overstated (O), or no affect (NA)
___1. Failure to record revenue earned but not yet received
___2. Failure to record expired prepaid rent.
___ 3. Failure to record accrued interest on the bank savings account
___ 4. Failure to record depreciation
___5. Failure to record accrued wages.
___6. Failure to recognize the earned portion of unearned revenues.
Correct Answer:

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1. U
2. O
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Correct Answer:
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2. O
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