Top Posters
Since Sunday
g
3
3
2
J
2
p
2
m
2
h
2
s
2
r
2
d
2
l
2
a
2
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
adriii0825 adriii0825
wrote...
Go to Answer
Posts: 146
Rep: 0 0
A year ago
A company recorded an acquisition of merchandise and its related liability, but failed to include the merchandise in ending inventory. The effect on the financial statements was to

▸ understate liabilities.

▸ understate net income.

▸ overstate net income.

▸ have no impact on the financial statements since the errors cancel each other out.
Textbook 
Auditing and Assurance Services

Auditing and Assurance Services


Edition: 17th
Authors:
Read 23 times
1 Reply
Replies
Answer verified by a subject expert
Botox14Botox14
wrote...
#1
Posts: 129
Rep: 0 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

adriii0825 Author
wrote...

A year ago
Good timing, thanks!
mkyoungs
wrote...

Yesterday
Just got PERFECT on my quiz
mikeh209
wrote...

2 hours ago
This site is awesome
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1096 People Browsing
 116 Signed Up Today
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 309
  
 1006
  
 322
Your Opinion
Which of the following is the best resource to supplement your studies:
Votes: 249
Previous poll results: How often do you eat-out per week?