Post Utme Ims U 2023 Accounting Question 19

Practice objective / multiple choice question 19 from the 2023 Post Utme Ims U Accounting examination.

Post Utme Ims U 2023 Accounting Objective / Multiple Choice
Question 19 POST_UTME_IMS_U • 2023 • ACCOUNTING • objective

A company has the following errors in its financial statements: An overstatement of 10,000 in accounts receivable and an understatement of 5,000 in accounts payable. What is the net effect of these errors on the company's net income?

Answer Options

A. 5,000 understatement
Correct Answer B. 10,000 understatement
C. 15,000 understatement
D. 20,000 understatement
Correct Answer
B
Correct Option:
10,000 understatement

About This Question

This is Post Utme Ims U 2023 Accounting Question 19. It is one of the objective questions from the 2023 Post Utme Ims U Accounting examination.

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