Multiple Choice
At the end of the current year, the required adjusting entry for depreciation on equipment was omitted.Which of the following statements is true regarding the current year's financial statements?
A) Profit will be overstated.
B) Total assets will be understated.
C) The statement of financial position and income statement will be misstated but the statement of changes in equity will be correct.
D) Retained earnings will be understated.
Correct Answer:
Verified
Correct Answer:
Verified
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