If the accountant forgot to record the consumed portion of supplies, this will result in An understatement of net income. An overstatement of net income. An understatement of assets. An overstatement of liabilities.

If the accountant forgot to record the consumed portion of supplies, this will result in An understatement of net income. An overstatement of net income. An understatement of assets. An overstatement of liabilities.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter3: The General Journal And The General Ledger

Section: Chapter Questions

Problem 7E: Determine the effect of the following errors on a companys total revenue, total expenses, and net...

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Question

If the accountant forgot to record the consumed portion of supplies, this will result in

	An understatement of net income.
	An overstatement of net income.
	An understatement of assets.
	An overstatement of liabilities.

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