Which of the following errors would not affect net income? A. Post-dated checks are classified as cash upon receipt from customers B. Purchases on account are unrecorded because the goods are still in transit : but the goods were included in inventory C. Depreciation expense was recorded twice for the same year D. The client charged an ordinary repair as part of equipment cost.
Which of the following errors would not affect net income? A. Post-dated checks are classified as cash upon receipt from customers B. Purchases on account are unrecorded because the goods are still in transit : but the goods were included in inventory C. Depreciation expense was recorded twice for the same year D. The client charged an ordinary repair as part of equipment cost.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following errors would not affect net income?
A. Post-dated checks are classified as cash upon receipt from customers
B. Purchases on account are unrecorded because the goods are still in transit : but
the goods were included in inventory
C. Depreciation expense was recorded twice for the same year
D. The client charged an ordinary repair as part of equipment cost.
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