The accountant for Noble Jewelry Repair Services forgot to make an adjusting entry for Depreciation expense for the current year.What is the effect of this error on total assets?

Question

Quizplus · Accepted Answer

Since the accountant forgot to make the adjusting entry for Depreciation expense, the current year's Depreciation expense would not have been recorded. This means that the company's assets would be overstated because the assets would still be recorded at their original cost, without taking into account any depreciation that should have been recorded.

The Accountant for Noble Jewelry Repair Services Forgot to Make