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Which is wrong assuming the company uses periodic inventory

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Reference no: EM132773678

Problem 1: The accountant erroneously recorded a charge sale as a cash sale. Which of the following is wrong assuming the company uses the periodic inventory system.

a. The profit is not affected

b. The cash is overstated

c. Net working capital is not affected

d. Current asset is overstated.

Problem 2: The basic difference between the financial statements of a merchandising entity and a service business include the cost of good sold section of the income statement and the

a. Profit figure

b. Other income section of the statement of comprehensive income

c. Equity section of the statement of financial position

d. Inclusion of merchandise inventory on the statement of financial position

Reference no: EM132773678

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