David Gordon Is an Accountant for Bronte Ltd B) C)

question 15

Multiple Choice

David Gordon is an accountant for Bronte Ltd.At the end of the year he realised that ending inventory was overstated but the purchases account was recorded correctly.What is the effect of correcting the above error in the statement of comprehensive income and statement of financial position (inventory) accounts of Bronte Ltd?

• A)
• \[\begin{array} { | c | c | }
• \hline \begin{array} { c }
• \text { Statement of } \\
• \text { comprehensive income }
• \end{array} & \begin{array} { c }
• \text { Statement of financial } \\
• \text { position (inventory) }
• \end{array} \\
• \hline \text { Increase } & \text { Increase } \\
• \hline
• \end{array}\]
• B)
• \[\begin{array} { | c | c | }
• \hline \begin{array} { c }
• \text { Statement of } \\
• \text { comprehensive income }
• \end{array} & \begin{array} { c }
• \text { Statement of financial } \\
• \text { position (inventory) }
• \end{array} \\
• \hline \text { Decrease } & \text { Increase } \\
• \hline
• \end{array}\]
• C)
• \[\begin{array} { | c | c | }
• \hline \begin{array} { c }
• \text { Statement of } \\
• \text { comprehensive income }
• \end{array} & \begin{array} { c }
• \text { Statement of financial } \\
• \text { position (inventory) }
• \end{array} \\
• \hline \text { Decrease } & \text { Decrease } \\
• \hline
• \end{array}\]
• D)
• \[\begin{array} { | c | c | }
• \hline \begin{array} { c }
• \text { Statement of } \\
• \text { comprehensive income }
• \end{array} & \begin{array} { c }
• \text { Statement of financial } \\
• \text { position (inventory) }
• \end{array} \\
• \hline \text { Increase } & \text { Decrease } \\
• \hline
• \end{array}\]

Understand the process and consequences of contacting creditors about payment issues.

Grasp the importance of receiving verification of debt and how to respond to unverified debt claims.

Understand the role and regulations of debt collection practices and consumer rights under relevant laws.

Recognize factors and behaviors that lead to excessive indebtedness and its impacts.

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Definitions:

Corporate Social Responsibility

A company's commitment to manage the social, environmental, and economic effects of its operations responsibly and in accordance with public expectations.

CSR Program

Corporate Social Responsibility program, initiatives by a company to assess and take responsibility for its effects on environmental and social wellbeing.

Order Cycle

The total amount of time that elapses from the time a customer places an order until the time the product is delivered to the customer.

Customer Inquiries

Refers to questions or requests for information made by customers regarding a company's products or services.