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

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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.

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Flaws in the accountants assumption

Reference no: EM13549090

Reference no: EM13549090

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