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Question 252 - IIA-CIA-Part3 discussion

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At an organization that uses a periodic inventory system, the accountant accidentally understated the organization s beginning inventory. How would the accountant's accident impact the income statement?

A.
Cost of goods sold will be understated and net income will be overstated.
Answers
A.
Cost of goods sold will be understated and net income will be overstated.
B.
Cost of goods sold will be overstated and net income will be understated
Answers
B.
Cost of goods sold will be overstated and net income will be understated
C.
Cost of goods sold will be understated and there Wi-Fi be no impact on net income.
Answers
C.
Cost of goods sold will be understated and there Wi-Fi be no impact on net income.
D.
There will be no impact on cost of goods sold and net income will be overstated
Answers
D.
There will be no impact on cost of goods sold and net income will be overstated
Suggested answer: B
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asked 18/09/2024
Yucel Cetinkaya
43 questions
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