Question
When counting their December 31st 2018 inventory, they forgot to count $10,000 of inventory on consignment. If this mistake is not discovered then in their
When counting their December 31st 2018 inventory, they forgot to count $10,000 of inventory on consignment. If this mistake is not discovered then in their 2019 financial statements:
a. income overstated, assets overstated, retained earnings correct
b. income overstated, assets correct, retained earnings correct
c. income understated, assets correct retained earnings correct
d. income understated, assets understated, retained earnings understated
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Auditing Concepts For A Changing Environment With IDEA Software
Authors: Larry E. Rittenberg, Bradley J. Schwieger
4th Edition
0387321500, 978-0324180237
