At the end of the fiscal year, the usual adjusting entry to recognize accrued revenues was omitted. Which of the following is true?

a. net income will be overstated for the current year

b. total assets will be understated at the end of the current year

c. the balance sheet and income statement will be misstated but the statement of stockholders' equity will be correct for the current year

d. total liabilities will be understated