Matching
Assuming that ending inventory for 2009 was understated, indicate whether each of the following will be understated (U), overstated (O), or not affected (N).
Premises:
Beginning inventory for 2010
Cost of goods sold for 2009
Stockholders' equity at the end of 2010
Income before income taxes for 2010
Stockholders' equity at the end of 2009
Cost of goods sold for 2010
Income before income taxes for 2009
Responses:
understated (U)
overstated (O)
not affected (N)
Correct Answer:
Premises:
Responses:
Beginning inventory for 2010
Cost of goods sold for 2009
Stockholders' equity at the end of 2010
Income before income taxes for 2010
Stockholders' equity at the end of 2009
Cost of goods sold for 2010
Income before income taxes for 2009
Premises:
Beginning inventory for 2010
Cost of goods sold for 2009
Stockholders' equity at the end of 2010
Income before income taxes for 2010
Stockholders' equity at the end of 2009
Cost of goods sold for 2010
Income before income taxes for 2009
Responses:
Related Questions
Q11: An accountant is responsible for the following
Q30: Which of the following is not a
Q42: The entry to record a purchase of
Q45: At the end of each day,the cashier
Q45: Under the perpetual inventory system,in addition to
Q52: It is unlikely that a company would
Q90: Which of the following should not be
Q140: The computerization has helped taking physical inventory
Q148: Indicate the letter of where each of
Q194: Assume a company uses the periodic inventory