Finding the lowest price is the first responsibility of the smart insurance consumer

Holding all other factors constant, prices are set slightly above the point where supply equals demand

Indicate whether the statement is true or false

Johnson Company neglected to accrue interest expense of $2,000 on its year-end trial balance. This results in a(n) ________

A) overstatement of net income B) overstatement of assets C) overstatement of liabilities D) understatement of shareholders' equity