Item$20$

Time Remaining $21$ minutes $51$ seconds$00$:$21$:$51$

Item $20$

Time Remaining $21$ minutes $51$ seconds$00$:$21$:$51$

If a company mistakenly forgot to record depreciation on office equipment at the end of an accounting period, the financial statements prepared at that time would show:

Multiple Choice

Assets, net income, and equity overstated.

Assets overstated, net income understated, and equity overstated.

Assets overstated and equity understated.

Assets, net income, and equity understated.