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What will be the result from failing to record the year-end

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Problem 1: What will be the result from failing to record the year-end adjustment for depreciation?

A. An overstatement of income, understatement of owners' equity

B. An overstatement of income, understatement of assets

c. An understatement of income, overstatement of owners' equity

D. None of the above

Problem 2: Which of the following is not an example of a current liability as of Dec. 31, 1999?

A. Management fees collected in advance in 1999, to be earned during 2000.

B. The portion of long-term debt due in 2000.

C. The interest due to creditors and bond holders for 2000, to be paid in 2000.

D. Warranty liability for products carrying a two-year warranty and sold during 1999.

Reference no: EM132623687

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