Reserved powers are given to the ________ by the Constitution

______________________ evaluates financial statement data by expressing each item in a financial statement as a percent of a base amount. The base amount on the income statement is typically __________________ while the base amount on the balance sheet is typically ___________________.

Fill in the blank(s) with the appropriate word(s).

The accountant of Skyscrapers Architectural Services failed to make an adjusting entry to record $7,000 of depreciation expense. Which of the following statements is true?

A) The total liabilities will be overstated. B) The equity will be understated. C) The total assets will be overstated. D) The total assets will be understated.