The accountant for Noble Jewelry Repair Services, Inc. forgo
The accountant for Noble Jewelry Repair Services, Inc. forgot to make an adjusting entry for Depreciation Expense for the current year. Which of the following is an effect of this error?
A) Revenues are understated.
B) Total assets are understated.
C) Net income is overstated.
D) Total liabilities are understated.
ANSWER
C
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