Question #72945

During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true?


Options:

Answer: During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013.

Test Your Knowledge

Want to practice more questions like this? Take a quiz in this category!

Take a Quiz

Share This Question

AdBlock Detected

We've detected that you're using an ad blocker. Our website is made possible by displaying online advertisements to our visitors.

Please support us by disabling your ad blocker for this website.

How to disable your ad blocker:

  1. Click on the ad blocker icon in your browser's toolbar
  2. Select "Pause on this site" or "Don't run on pages on this domain"
  3. Refresh the page