Failure to enter the current price into a retailer's system may result in charges of ________

The accountant for Noble Jewelry Repair Services, Inc. forgot to make an adjusting entry for Depreciation Expense for the current year. Which of the following is an effect of this error?

A) Revenues are understated. B) Total assets are understated. C) Net income is overstated. D) Total liabilities are understated.

The purpose of an import quota is to ________

A) eliminate competition for a nation's domestic industries B) increase competition for a nation's domestic industries C) reduce competition for a nation's domestic industries D) make foreign competitors' goods less expensive than domestic goods E) make foreign competitors' goods more expensive than domestic goods