After the Financial Statements Were Prepared for 2012, Wickham Ltd

question 92

Multiple Choice

After the financial statements were prepared for 2012, Wickham Ltd.discovered that an error had been made during the year-end inventory count and one room containing $40,000 worth of goods, at cost, had been missed.A review of the accounting records showed that all purchases had been recorded.The company's tax rate is 40%.If the error is not corrected, what is the effect of this error on 2013 net income?

• A)$16,000 overstated
• B)$24,000 overstated
• C)$24,000 understated
• D)No effect in 2013

Appreciate the value of evidence and theoretical, professional, or moral grounds in defending policies.

Understand the STAR technique for answering behavioral interview questions and its components.

Recognize the importance of non-verbal communication during the interview process.

Know the correct approach to completing application forms.

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Definitions:

Neuron

A specialized cell transmitting nerve impulses; a nerve cell.

Transcranial Magnetic Stimulation

A noninvasive procedure that uses magnetic fields to stimulate nerve cells in the brain to improve symptoms of depression.

Neural Circuits

Networks of neurons interconnected by synapses, responsible for processing and transmitting information through electrical and chemical signals in the nervous system.

Magnetic Field

A region around a magnetic material or a moving electric charge within which the force of magnetism acts.