Eliza Company Discovered the Following Errors in 2016: · Ending

question 99

Multiple Choice

Eliza Company discovered the following errors in 2016: · Ending inventory at December 31, 2015, was understated by $2,000.
· Accrued expenses of $3,000 were not recorded at December 31, 2015.
Eliza reported net income of $45,000 for the year 2015. What is the amount of the corrected net income ignoring income taxes) for 2015?

• A) $45,000
• B) $40,000
• C) $46,000
• D) $44,000

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Definitions:

Social Welfare

Organized public or private social services intended to aid disadvantaged, distressed, or vulnerable individuals or groups.

Psychological Harm

Damage inflicted on an individual’s mental health or well-being, including emotional distress, anxiety, or trauma.

Informed Decisions

Decisions made based on a thorough understanding of all relevant information, implications, and consequences.

NASW Code

The Code of Ethics of the National Association of Social Workers, providing guidance on the standards and ethical principles that govern the conduct of social workers.