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How does omission affect king financial statements

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Reference no: EM132936393

Problem 1: King Company failed to record depreciation of equipment. How does this omission affect King's financial statements?

A. Net Income is over stated and assets are understated
B. Net Income is overstated and assets are overstated
C. Net Income is understated and assets are overstated
D. Net Income is understated and assets are understated

Reference no: EM132936393

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