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Molly Moneybags is CEO of a ABC Co. She has asked her accountant, Dudley DoRight , to delay recording unpaid December, 2012 utility expenses until

Molly Moneybags is CEO of a ABC Co. She has asked her accountant, Dudley DoRight, to delay recording unpaid December, 2012 utility expenses until January, 2013. ABCs fiscal year ends on December 31. If Dudley delays recording the expenses,

A.2012 Net Income will be overstated.

B.2012 Net Income will be understated.

C.2012 Assets will be understated.

D.2012 Assets will be overstated

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