For each of the following oversights, state what total assets will be
-Failure to record revenue earned but not yet received.
A) understated (U)
B) overstated (O)
C) no effect (NE)

Question

Quizplus · Accepted Answer

Failure to record revenue earned but not yet received would result in assets being understated because the receivable that should have been recorded is not, thus reducing the total assets reported.

For Each of the Following Oversights, State What Total Assets