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What is an example of a financial statement error

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Reference no: EM132551115

Question 1: Based on a 105% increase in cost of goods sold when sales were $1.2 million in 2013, what would be the 2014 sales pro-forma?

a. $1.25 Million

b. $1.26 million

c. $2.07 million

d. $2.46 million

Question 2:  What is an example of a financial statement error?

a. rent expense in inadvertently recorded to a prepaid rent asset account

b. The outside auditor disagree regarding the collectability of the company's account receivable.

c. The account writes checks to a relatives business for items not actually received

d. Management intentionally alters the financial statements to reflect sales that were not completed.

Question 3: Which reported value reflects the overall economic performance of a company given period of time?

a. Operating income

b. Total stockholders' equity

c. Net income

d. Gross profit

Reference no: EM132551115

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