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What is the effect on the financial statements

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Reference no: EM132814217

Problem 1: What is the effect on the financial statements when a company fails to adjust the deferred revenue account for revenues earned at year-end that were pre-paid?

Multiple Choice

Option 1: Revenues are understated and liabilities are understated.

Option 2: Net income is understated and assets are understated.

Option 3: Net income is understated and liabilities are overstated.

Option 4: Revenues are understated and stockholders' equity is overstated.

Reference no: EM132814217

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