2. If depreciation for a period is not adjusted, which of the following would occur? a. Assets and expenses would be overstated. b. Assets and expenses would be understated. c. Net income would be overstated, and expenses would be understated. d. Net income would be understated, and owner's equity would be overstated.

2. If depreciation for a period is not adjusted, which of the following would occur? a. Assets and expenses would be overstated. b. Assets and expenses would be understated. c. Net income would be overstated, and expenses would be understated. d. Net income would be understated, and owner's equity would be overstated