Which of the following statements is false?
a. If supplies consumed totaled $3,000 and no adjustments were made, both assets and stockholder's equity would be overstated by $3,000.
b. If an accountant failed to record depreciation expense of $1,500, both assets and stockholder's equity would be overstated by $1,500.
c. If insurance of $450 expired during the month and no adjustments were made, both assets and stockholder's equity would be overstated by $450.
d. A company paid for an insurance premium of $6,000 on January 1. The insurance is for a year. Failing to make adjustments for the month of January would overstate assets and stockholder's equity by $6,000.
e. All of the statements are true.

d. A company paid for an insurance premium of $6,000 on January 1. The insurance is for a year. Failing to make adjustments for the month of January would overstate assets and stockholder's equity by $6,000.

Explanation:

If a company were to pay $6,000 for Insurance for the YEAR in January, this would be recorded as a PREPAID EXPENSE.

This Prepaid Expense will then be apportioned per month over the year to each month as expenses of $500.

Failing to make adjustments for the month of January would not overstate assets and stockholder's equity by $6,000 but by $500.

due to the changes the federal reserve is making the unused reserves will impact the economy by them facing inflation. inflation is definfed as the increase in pricing of a good or service but the decline of the value of money used for purchasing those items. when the economy has a high inflation rate, they are subject to money loss and hurt on the economy.

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