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If an accountant forgot to record depreciation on office equipment at the end of an accounting period, what is the effect on the statements prepared
If an accountant forgot to record depreciation on office equipment at the end of an accounting period, what is the effect on the statements prepared at that time? Multiple Choice Assets are overstated and equity is understated. Assets, profit, and equity are understated. Assets, profit, and equity are overstated. Assets are overstated, profit is understated, and equity is overstated. Assets and equity are both understated.
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