For Each of the Following,indicate the Effect the Given Situation

Short Answer

For each of the following,indicate the effect the given situation would have on net income in the current period.
O overstate net income
U understate net income
N/A not applicable; no effect on net income
_____ recording prepaid costs as current expenses.
_____ recording an expense at more than the actual cost.
_____ failing to record the receipt of a payment by a customer on account.
_____ underestimating depreciation expense.
_____ failing to record some supplies received.
_____ recording deferred revenue as revenue.
_____ recording an expense as revenue.
_____ failing to record the company issuing additional shares of its own common stock.
_____ overestimating payroll tax expense.