Inventory Items Purchased on Credit That Are Correctly Debited to 2013

question 145

Multiple Choice

Inventory items purchased on credit that are correctly debited to 2013 purchases, but improperly included in the 2013 ending inventory cause:

• A) 2013 assets to be understated and 2013 pre-tax income to be overstated.
• B) both 2013 pre-tax income and 2013 assets to be understated.
• C) both 2013 assets and pre-tax income to be overstated.
• D) both accounts payable for 2013 and 2013 pre-tax income to be overstated.

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Definitions:

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