The Accountant for Angie Company Made the Following Errors Related

question 97

Multiple Choice

The accountant for Angie Company made the following errors related to purchases of merchandise and ending inventory in 2016:
1) A $2,200 purchase of merchandise on credit was not recorded or included in ending inventory.
2) A $3,180 purchase of merchandise on credit was recorded, but it was inadvertently omitted from the end-of-year physical inventory count.
Assuming a periodic inventory system, Angie's Company's 2016 net income will be

• A) understated by $3,180.
• B) understated by $2,380.
• C) overstated by $5,380.
• D) overstated by $3,180.

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Definitions:

Self-administer Medications

The act of a patient independently taking their prescribed drugs without the direct involvement of healthcare professionals.

Monitor Medication Effects

The process of observing and assessing the outcomes and side effects of a medication regimen on a patient.

IV Bolus

The rapid administration of a medication or fluid directly into the bloodstream via an intravenous line.