The accountant failed to make the adjusting entry to record the depreciation for the year. This...
The accountant failed to make the adjusting entry to record the depreciation for the year. This error would cause
an overstatement of assets.
an overstatement of expenses.
an understatement of liabilities.
an understatement of shareholders’ equity.
Homework Answers
Answer
--Depreciation expense is an Expense. If its not recorded:
>Expenses would be understated,
>Net Income would be overstated
>Assets would be overstated [because Accumulated Depreciation
would be understated]
--Correct Answer = Option #1: an overstatement of assets will be caused if depreciation expense has not been adjusted.
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