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50. A company discovered a P20,000 overstatement of its 2023 ending inventory after the financial statements for 2023 were prepared. The effect of this error on the 2023 financial statement was: a. Current assets were overstated and income was understated b. Current assets were understated and income was overstated c. Current assets were overstated and income was overstated d. Current assets were understated and income was understated

50. A company discovered a P20,000 overstatement of its 2023 ending inventory after the financial statements for 2023 were prepared. The effect of this error on the 2023 financial statement was: a. Current assets were overstated and income was understated b. Current assets were understated and income was overstated c. Current assets were overstated and income was overstated d. Current assets were understated and income was understated

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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50. A company discovered a P20,000 overstatement of its 2023 ending inventory after the financial statements for 2023 were prepared. The effect of this error on the 2023 financial statement was: a. Current assets were overstated and income was understated b. Current assets were understated and income was overstated c. Current assets were overstated and income was overstated d. Current assets were understated and income was understated
Transcribed Image Text:50. A company discovered a P20,000 overstatement of its 2023 ending inventory after the financial statements for 2023 were prepared. The effect of this error on the 2023 financial statement was: a. Current assets were overstated and income was understated b. Current assets were understated and income was overstated c. Current assets were overstated and income was overstated d. Current assets were understated and income was understated
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