The beginnings inventory of the current year is overstated by 5,000 and closing inventory is overstated by 12,000. These errors will cause the net income for the current year by

✅ E. All of these

Option A : Stock at the end of the financial year Option B : Stock at the beginning of the financial year Option C : Drawings Option D : Prepaid Rent & Interest received but not yet earned Correct Answer : All of these Read more

✅ B. Rent A/c

Option A : Outstanding Salary A/c Option B : Rent A/c Option C : SBI A/c Option D : Debtors A/c Correct Answer : Rent A/c Read more

✅ C. common size income statement

Option A : Balance sheet Option B : income statement Option C : common size income statement Option D : All of the Above Correct Answer : common size income statement Read more

✅ D. At the end of every accounting period

Option A : Every day Option B : Every half year Option C : Every year Option D : At the end of every accounting period Correct Answer : At the end of every accounting period Read more

✅ B. Bank overdraft

Option A : Surplus cash Option B : Bank overdraft Option C : Terms deposits with bank Option D : None of these Correct Answer : Bank overdraft Read more

✅ A. Sales A/c

Option A : Sales A/c Option B : Cash sales A/c Option C : Sales return A/c Option D : Credit sales A/c Correct Answer : Sales A/c Read more

✅ B. Each unit of output

Option A : Each Department Option B : Each unit of output Option C : Each Month Option D : Each Executive Correct Answer : Each unit of output Read more

✅ D. $3000 will be subtracted from cash book balance

Option A : $1000 will be added to cash book balance Option B : $2000 will be deducted from cash book balance Option C : $3000 will be added to cash book balance Option D : $3000 will be subtracted from cash book balance Correct Answer : $3000 will be subtracted from cash book balance Read more