At the end of the financial year, the usual adjusting entry for depreciation on a delivery van was omitted. Which of the following statements is true?

Select one:

a.Total liabilities and total assets will be understated.

b.Net profit will be overstated for the current year.

c.The balance sheet and profit and loss statement will be incorrectly stated but equity will be correct for the current year.

d.Total assets will be understated at the end of the current year.