

McqMate
Q. |
On scrutiny of a firm‘s books of accounts, it was observed that the following errors have occurred in the previous years but have not yet been rectified. i. Depreciation for 2011-2012- ` 7,000 understated ii. Accrued expenses as at March 31, 2013 - ` 10,000 understated The impact of this on the reported net income for the year ending March 31, 2013 is |
A. | 7,000 Overstated |
B. | 10,000 Overstated |
C. | 17,000 Understated |
D. | 17,000 Overstated |
Answer» B. 10,000 Overstated |
View all MCQs in
Financial AccountingNo comments yet