B. Assets are understated and expenses are overstated. A. Assets are overstated and expenses are understated. Which of the following descries the

B. Assets are understated and expenses are overstated. A. Assets are overstated and expenses are understated. Which of the following descries the financial statement effects at the end of March? A. Assets are overstated and expenses are understated. B. Assets are understated and expenses are overstated. C. Assets are understated and expenses are understated. D. Expenses are overstated and assets are overstated.