Question: When paying off a note payable, last year's accrual was ignored and the total interest was recorded as an expense. This error would cause: Select

When paying off a note payable, last year's accrual was ignored and the total interest was recorded as an expense. This error would cause:

Select one:

a. the period end assets to be understated.

b. the period end liabilities to be understated.

c. the period's net income to be understated.

d. the period's net income to be overstated.

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