Use the Following Information for Questions Through

question 461

Multiple Choice

Use the following information for questions through.Ignore taxes. Peach Inc.'s financial statements for the years 2014 and 2015 contained errors as follows:
-Assuming that NONE of the errors were detected or corrected, and that no additional errors were made in 2016, by what amount will current assets at December 31, 2015 be overstated or understated?

• A)$2,000 overstated
• B)$10,000 understated
• C)$10,000 overstated
• D)$0

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Definitions:

Aggregated Crosstabulation

A statistical method used to analyze and summarize data between two or more categorical variables in a table format.

Unaggregated Data

Raw data collected at its most detailed or base level, not yet summarized or grouped into larger categories.

Conclusions

Judgments or decisions reached after consideration of data and evidence.

Graphical Presentation

The visual depiction of data using charts, graphs, or other visual aids to facilitate understanding.