Use the Following Information for Questions Through

question 231

Multiple Choice

Use the following information for questions through. Giselle Ltd.is a calendar-year corporation.Its financial statements for the years 2015 and 2014 contained errors as follows:
-Assume that no correcting entries were made at December 31, 2014, or December 31, 2015 and that no additional errors occurred in 2016.Ignoring income taxes, by how much will working capital, at December 31, 2016 be overstated or understated?

• A)$0
• B)$4,000 overstated
• C)$4,000 understated
• D)$6,000 understated

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Definitions:

Legislative Session

An official period of time designated by a legislative body to conduct its business, including the passing of laws and other legislative activities.

Presidential Veto

is the power of the President to reject a bill passed by Congress, preventing it from becoming law unless Congress votes to override the veto.

Presidential Vetoes

The power of the President to reject a bill passed by the Congress, which can be overridden only by a two-thirds majority in both houses.

Congress

The legislative branch of the United States government, divided into the Senate and the House of Representatives.