Question $7$

Failure to make an adjusting entry to recognize an accrued revenue would cause an:

Understatement of revenues and stockholders' equity, and an understatement of assets.

Understatement of revenues, and an overstatement of stockholders' equity and assets.

Overstatement of revenues and stockholders' equity, and an overstatement of assets.

Overstatement of liabilities, and understatement of revenues and stockholders' equity.

None of the above.