Z Company”s accountant forgot to make an adjustment at the end of the year to record depreciation expense on the equipment. What effect did this omission have on the company”s financial statements?

a. Understated assets and liabilities

b. Overstated assets and shareholders” equity

c. Understated liabilities and overstated shareholders” equity

d. Overstated assets and understated shareholders” equity

Management

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Z Company”s accountant forgot to make an adjustment at the end of the year to record depreciation expense on the equipment. What effect did this omission have on the company”s financial statements?

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