11. If the adjusting entry to accrue interest on a note receivable is omitted, then a. assets,...
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11. If the adjusting entry to accrue interest on a note receivable is omitted, then
a. assets, net income, and shareholders’ equity are overstated.
b. assets, net income, and shareholders’ equity are understated.
c. assets are overstated, net income is understated, and shareholders’ equity is understated.
d. liabilities are understated, net income is overstated, and shareholders’ equity is overstated.
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Related Book For 
Financial Accounting International Financial Reporting Standards Global Edition
ISBN: 9781292211145
11th Edition
Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison
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