If 500 was shown added to Purchases instead of being added to a fixed asset (A) Net
Question:
If £500 was shown added to Purchases instead of being added to a fixed asset
(A) Net profit only would be understated
(B) Net profit only would be overstated
(C) It would not affect net profit
(D) Both gross and net profits would be understated.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (7 reviews)
The correct answer is B Net profit only would be overstated When an expense is mistak...View the full answer
Answered By
Owino Otieno
My proficiency as a tutor lies in my ability to understand and respond to questions, provide explanations, and offer detailed information on various topics. I can help with academic subjects such as mathematics, science, history, literature, and more. I can also provide assistance with writing, proofreading, and language learning.
I am capable of adapting to different learning styles and can present information in a clear and concise manner. I can break down complex concepts into simpler terms, provide examples and illustrations, and engage in interactive discussions to enhance the learning experience. Additionally, I can offer guidance on problem-solving strategies, critical thinking, and exam preparation.
0.00
0 Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
Question Posted:
Students also viewed these Business questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
We look at the accumulated area beneath this curve, as in the definite integral as follows F(x) = f(t) dt -2 { F(x) = int_(-2)^x f(t) dt a) Use ordinary area formulas to compute each of the...
-
A lessee should classify a lease transaction as a capital lease if it is noncancelable and one or more of four classification criteria are met. Otherwise, it is an operating lease. What are these...
-
Two possible electron configurations for an Li atom are shown here. (a) Does either configuration violate the Pauli exclusion principle? (b) Does either configuration violate Hunds rule? (c) In the...
-
identify the concept and application of uncertainty avoidance among cultures;
-
Transvaal Mining Tools Ltd. of South Africa makes specialty tools used in the mining industry. The company uses an activity-based costing system for internal decision-making purposes. The company has...
-
Answer a and b 5. This is the graph of g(x) vs x. g(x) is the first derivative function of fix) (a) Rank f(0). f(a), f(b). f(c), and f(d). For example, f(0) = f(a) > f(b) = f(c) > f(d) Answer. (b)...
-
A cheque paid by you, but not yet passed through the banking system, is (A) A standing order (B) A dishonoured cheque (C) A credit transfer (D) An unpresented cheque.
-
Working Capital is a term meaning (A) The amount of capital invested by the proprietor (B) The excess of the current assets over the current liabilities (C) The capital less drawings (D) The total of...
-
Figure 5.1 describes an example of a maternal effect gene. Explain how Sturtevant deduced a maternal effect gene based on the F2 and F3 generations.
-
How has budgeting evolved over time? What models are currently being used? Is there a budgeting model that works for all businesses? How do these budgeting models impact bottom-line?
-
AIG insurance Company receives an application from Boeing for $1 billion of liability coverage on a new aircraft under production. Primary and excess insurers as well as reinsurers will be needed to...
-
Assume that your office was contacted by the counsel who was recently retained to represent defendant Rikards-Hayley. The answer is due to be filed in four days, and they need more time to prepare...
-
Ghost Ltd has just paid a $4 dividend. The dividend is expected to grow at 12% for the next 4 years. After that, the grow rate will be 4% indefinitely. If the required return is 16%, find the current...
-
Huawei Technologies Co., Ltd estimated FOH cost for the next year is 200.000. Estimated unit will be produced 10.000 units, with the raw material cost is 500.000. the conversion will required direct...
-
What is the pH of a solution in which 40 mL of 0.10 M NaOH is added to 25 mL of 0.10 M HCl?
-
What is an access control list?
-
The annual rental payments on a five-year lease are 11,000. If the rate of interest payable on borrowing for this purpose is 9 per cent, what is the capital value of the lease?
-
What is the implied interest rate if equipment can be leased for three years at 8,000 per annum and the cash price is 21,000?
-
If the interest on the sinking fund in Question 45.9 were at 7 per cent, how much would the annual payments into it be? Data from Question 45.9 A condition of an 8-year loan of 40,000 is that the...
-
:Classification the transaction to Business Cycles and General ledgerSent information to other cyclesExpenditure cycleHuman resources / payroll cycleProduction cycleAll business cyclesRevenue...
-
Required information Skip to question [ The following information applies to the questions displayed below. ] The balance sheets for Fantasy Football for 2 0 2 4 and 2 0 2 3 are provided below....
-
Cost Allocation at Amazon Values: Total Overhead Costs: $1,000,000 Allocation Base: Number of Orders Orders Processed: 100,000 Requirements: Allocate overhead costs using the number of orders as the...
Study smarter with the SolutionInn App