Nobells Corp

question 56

Multiple Choice

Nobells Corp. has acquired land and paid an amount of $500 as brokerage to acquire the land. However, the company's accountant has recorded the $500 as a revenue expenditure. What is the effect of this error?

• A)Net income is understated by $500.
• B)Liabilities are overstated by $500.
• C)Revenue is overstated by $500.
• D)Assets are overstated by $500.

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