If 500 was shown added to Purchases instead of being added to a non-current asset (A) Net

Question:

If £500 was shown added to Purchases instead of being added to a non-current asset

(A) Net profit only would be understated

(B) Net profit only would be overstated

(D) Both gross profit and net profit would be understated

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Frank Woods Business Accounting An Introduction To Financial Accounting

ISBN: 9781292365435

15th Edition

Authors: Alan Sangster, Lewis Gordon, Frank Wood

See More Books

Question Posted: Mar 02, 2024 02:01 AM

See More Questions

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)...
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...
Calculate the labour turnover rate according to replacement method from the following: No. of workers on the payroll: - At the beginning of the month: 500 - At the end of the month: 600 During the...
The Audit Committee of a publicly traded is comprised of three members. One of the members is a retired Chief Financial Officer of a global bank headquartered in New York. She has extensive...
In August 2011, Jim acquired a 99-year lease on a fl at for 170,000. In August 2017, he assigned the lease to Shirley for 212,000. The flat was never Jim's residence. Compute the chargeable gain.
Consider two alternatives, each of which will accomplish the same EPA-mandated pollution control. Using an incremental IRR analysis, determine the preferred alternative assuming MARR is 20...
Composite Depreciation Presented below is information related to Morrow Manufacturing Corporation. (a) Compute the rate of Depreciation per year to be applied to the plant assets under the composite...
An electric power company regulated by the state is a monopoly enterprise. 1Suppose the regulator sets the price to reflect what the market will look like if it is competitive. 2Now suppose that the...
Which of the following should be charged in the income statement? (A) Office rent (B) Work-in-progress (C) Direct materials (D) Carriage on raw materials
Capital Expenditure is (A) The extra capital paid in by the proprietor (B) The costs of running the business on a day-to-day basis (C) Money spent on buying non-current assets or adding value to them...
Use the van der Waals equation of state to determine the density of propane (C 3 H 8 ) at 300 K and 800 kPa. How does this value compare with that obtained from the NIST software or online database?
What do you think makes a team successful? Describe a time you worked with a difficult team member and what you did to accomplish a team assignment.
A. Define the term Scope Creep and list TWO (2) ways to manage scope creep. B. Explain ANY TWO(2) ways in which a project may be terminated. C. Outline the difference between ANY TWO (2 ) factors...
What is the manager's total investment in disposable catering supplies? What is the total sales value of the inventory? How much profit will the company make if all the inventory sells at a 25...
What are the examiner qualifications for administering the DP-4 assessment? What training is required?
Research and Answer these topics with relations to chanel company selected by each one of you. 1.Type of Sourcing 2.Reason for Sourcing 3.Documents prepared for Sourcing partners in Supply Chain...
Construct a 99% confidence interval for in Exercise 9.14.
An auto-parts manufacturer is considering establishing an engineering computing center. This center will be equipped with three engineering workstations each of which would cost $25,000 and have a...
Describe the sources of resistance to change.
Summarize Lewin's three-step change model.
Explain the relationship between Lewin's change model and Kotters plan for implementing change.
A crate with a mass of M = 74.5 kg is suspended by a rope from the endpoint of a uniform boom. The boom has a mass of m = 130 kg and a length of 1 = 6.13 m. The midpoint of the boom is supported by...
Suppose you have a circular pipe where water is flowing at 3 m/s. Suppose that the pipe changes in size as the water goes down it, and reaches five-seventh its former value. Please find the velocity...
A small hospital is planning for future needs in its maternity wing. The data below show the number of births in each of the past eight years. a. Use simple linear regression to forecast the annual...

If 500 was shown added to Purchases instead of being added to a non-current asset (A) Net

Question:

Step by Step Answer:

Frank Woods Business Accounting An Introduction To Financial Accounting

Students also viewed these Business questions