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Question 94 - IIA-CIA-Part3 discussion

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A small chain of grocery stores made a reporting error and understated its ending inventory. What effect would this have on the income statement for the following year?

A.
Net income would be understated.
Answers
A.
Net income would be understated.
B.
Net income would not be affected.
Answers
B.
Net income would not be affected.
C.
Net income would be overstated.
Answers
C.
Net income would be overstated.
D.
Net income would be negative.
Answers
D.
Net income would be negative.
Suggested answer: C
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asked 18/09/2024
megat ilham
35 questions
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