Solution-Flaws in the accountants assumption

Flaws in the accountants assumption

Reference no: EM13549090

During 2008, the accountant discovered that the physical inventory at the end of 2007 had been understated by $8,175. Instead of correcting the error, however, the accountant assumed that an $8,175 overstatement of the physical inventory in 2008 would balance out the error.

Are there any flaws in the accountant's assumption? Explain.

Reference no: EM13549090

Questions Cloud

Magnitude of the induced potential difference in solenoid : A solenoid with 235 turns and a cross-sectional area of 65 cm^2 has a magnetic field of 0.80 T along it's axis. If the field is confined within the solenoid and changes at a rate of 0.24 T/s, the magnitude of the induced potential difference in the s..

Define a pure gold object having a mass : The Greek mathematician Archimedes is credited with discovering how to verify the amount of pure gold in an irregularly shaped object (e.g., a crown) by placing it in water. How much water should be displaced by a pure gold object having a mass of..

What will be the output of the second transformer : Suppose the AC voltage from a power company is 20000v, two transformers are used to step down the voltage. The first transformer has 5000 turns in the primary coil and 250 turns in the secondary coil; the second transformer has 4000 turns in the p..

Obtain the resulting period of the oscillation : A 0.48-kg mass is hanging from a spring with spring constant 10 N/m. What is the resulting period of the oscillation

Flaws in the accountants assumption : Instead of correcting the error, however, the accountant assumed that an $8,175 overstatement of the physical inventory in 2008 would balance out the error.

A ruby laser emits an intense pulse of light : A ruby laser emits an intense pulse of light that lasts a mere 30 ns. The light has a wavelength of 690 nm, and each pulse has an energy of 200 mJ. (A) How many photons are emitted in each pulse? (B) What is the rate of photon emission, in photons pe..

Determine how long does it take to reach the other end : a nylon rope of length 25.0 is under a tension of 1.30 x 10^4 N. The total mass of this rope is 2.30 kg. how long does it take to reach the other end

Charges at the corners of a rectangle of length : The figure below shows three charges at the corners of a rectangle of length x = 0.35 m and height y = 0.22 m. How much work must be done to move the three charges infinitely far from one another?

Find the speed and the mass of the object : An object has a kinetic energy of 277 J and a momentum of magnitude 26.9 kg·m/s. Find the speed and the mass of the object

User Account

All Pages

Flaws in the accountants assumption

Reference no: EM13549090

Reference no: EM13549090

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT