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

• Assets overstated and equity understated.

• Assets and equity both understated.

• Assets overstated, net income understated, and equity overstated.

• Assets, net income, and equity understated

• Assets, net income, and equity overstated.

Answer rating: 100% (QA)

Depreciation is an expense that is deducted from the profits of the company ... View the full answer