Reference no: EM132785532
Problem 1: Assuming the accountant failed to record a purchase that was made last year. What are the effects of the omission on the amount of purchases, cost of sales and gross profit for the period.
a. Understated, understated, understated respectively
b. Understated, overstated, understated respectively
c. Understated, understated, overstated respectively
d. Overstated, understated, understated respectively
Problem 2: Statement 1 - Sales return and allowances account has a credit balance
Statement 2 - Net sales is not an account name
Statement 3 - Sales discount is a contra revenue account
a. True , true, false
b. False, true, true
c. False, false, true
d. True, false, false
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