Solved

Assuming That Ending Inventory for 2009 Was Understated, Indicate Whether

Question 178

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:

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
Related Questions

Q104: Indicate whether each business practice listed below

Q113: For each description below, state which document

Q168: On August 1,Phillips Industries purchased $12,000 of

Q169: Indicate the letter of where each of

Q171: The income statement account balances on

Q173: Using the following information,calculate for 2010

Q175: Khan Products,Inc.,entered into the transactions listed below.In

Q176: Scuilli Corporation purchased $5,000 worth of merchandise,terms

Q177: Assuming that ending inventory for 2009 was

Q185: An accountant is responsible for the following

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents