FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

While checking sales bills with journal you have found that one sale bill amounting to OMR 15,000 is recorded as follows: Dr. Cash 16,000 Cr.

image text in transcribed

While checking sales bills with journal you have found that one sale bill amounting to OMR 15,000 is recorded as follows: Dr. Cash 16,000 Cr. Sales OMR 16,000. Identify the effect of this error on income statemer b. Profit will decrease by OMR 1,000 a. Profit will increase by OMR 1,000 d. Profit will increase by OMR 2,000 c. Profit will decrease by OMR 2,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditors Manual And Guide The Practitioners Guide To Internal Auditing

Internal Auditors Manual And Guide The Practitioners Guide To Internal Auditing

Authors: Milton Stevens Fonorow

1st Edition

0134711947, 978-0134711942

More Books

Students also viewed these Accounting questions

Question

★★★★★
Why are present value tables frequently used to convert future values to present values?

Answered: 1 week ago

Question

★★★★★
CANMNMM January of this year. (a) Each item will be held in a record. Describe all the data structures that must refer to these records to implement the required functionality. Describe all the...

Answered: 1 week ago

Question

★★★★★
Prove that at the tricritical point, the slope of the line of first-order phase transitions is equal to that of the line of continuous phase transitions.

Answered: 1 week ago

Question

★★★★★
Calculating payments iron man products had projected the following sales for the coming year. Sales in the year following this one are projected to be 15 percent greater in each quarter. a. Calculate...

Answered: 1 week ago

Question

★★★★★
While checking sales bills with journal you have found that one sale bill amounting to OMR 15,000 is recorded as follows: Dr. Cash 16,000 Cr. Sales OMR 16,000. Identify the effect of this error on...

Answered: 1 week ago

Question

★★★★★
An appliance manufacturer offers rebates and a free year of warranty protection as part of a social media campaign. The company is engaged in:

Answered: 1 week ago

Question

★★★★★
FullStack Java interview questions 1)What would you say is your weakest aspect of software development? 2)Tell me what is a Full stack Java developer project you're most proud of ? 3)Follow up as to...

Answered: 1 week ago

Question

★★★★★
Make GUI of Colossal cave adventure game in java You should improve both the games play and its implementation. Some possible enhancements include, but are not limited to, the following: interface...

Answered: 1 week ago

Question

★★★★★
Consider the passage: 1[Despite the fact that eggs are a healthy and nutritious food],2[eating too many eggs increase ones likelihood of having high cholesterol]. 3[And since egg yolks are high in...

Answered: 1 week ago

Question

★★★★★
2. Answer all parts of this question. (a) Assume that CAPM is true. The risk-free rate is RF, the expected return on the market M portfolio is ER, and the standard deviation of the return on the...

Answered: 1 week ago

Question

★★★★★
Question escribe an algorithm, relying only on the Binary Tree operations, that counts the number of eaves in a binary tree that are the left child of their respective parent.

Answered: 1 week ago

Question

★★★★★
What is corporate culture and how does it affect communication? (Objectives 1 and 2)

Answered: 1 week ago

Question

★★★★★
List five core cultural dimensions and give an example of how each influences communication. (Objectives 1 and 2)

Answered: 1 week ago

Question

★★★★★
Judy and Paula were finishing their business lunch when the server who was clearing a nearby table dropped a tray of dishes. When she heard the sound, Paula jumped and turned to see what happened;...

Answered: 1 week ago

Previous Question Next Question