When a Material Seven-Year Depreciable Asset Is Recorded as an Expense,which

Multiple Choice

When a material seven-year depreciable asset is recorded as an expense,which one of the following statements is correct?

A) It is a self-correcting error and no adjustment is necessary.
B) The error will eventually self-correct,but the financial statements will be in error for seven years.
C) If the company uses a rapid depreciation method,the error will self-correct quickly so no adjustment is necessary.
D) Since it affects only the income statement,no adjustment is required.