Which of the following errors will normally result in overstatement of 2017 net income? failure to record merchandise purchases in 2016 failure to record accrued salaries expense in 2016 O understatement of 2016 ending merchandise inventory O overstatement of prepaid expense in 2016

Which of the following errors will normally result in overstatement of 2017 net income? failure to record merchandise purchases in 2016 failure to record accrued salaries expense in 2016 O understatement of 2016 ending merchandise inventory O overstatement of prepaid expense in 2016

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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Question

Which of the following errors will normally result in overstatement of 2017 net income?
O failure to record merchandise purchases in 2016
failure to record accrued salaries expense in 2016
understatement of 2016 ending merchandise inventory
O overstatement of prepaid expense in 2016

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