Leslie Ltd Has Found an Error in Its Revenue Account

question 26

Multiple Choice

Leslie Ltd has found an error in its revenue account: an invoice for $3000 was recorded as revenue in 2015 when it should have been recorded in 2016.The company's income tax rate is 40 per cent and there was no corresponding error in cost of goods sold.
-What is the effect of the error on 2016 cash from operations?

• A) It is $3000 too high.
• B) It is $1800 too high.
• C) It is $1800 too low.
• D) There is no cash effect.

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Definitions:

Rape Victims

Individuals who have been subjected to non-consensual sexual intercourse or other forms of sexual assault.

Gender Schemas

Gender schemas are cognitive structures that contain the understanding of the attributes and behaviors that are considered appropriate for males and females in a society.

Secondary Sex Characteristics

Physical features that emerge during puberty unrelated to reproduction, such as breast development in females and facial hair in males.

Gender Identity

A person's own perception of their gender identity, which can align or not with the gender assigned to them at birth.