Use the following information for questions

-Assuming that none of the errors was detected or corrected, and that no additional errors were made in 2012, by what amount will current assets at December 31, 2012 be overstated or understated?
A)$10,000 overstated
B)$0
C)$4,000 overstated
D)$10,000 understated

Question

Use the following information for questions 
 
-Assuming that none of the errors was detected or corrected, and that no additional errors were made in 2012, by what amount will current assets at December 31, 2012 be overstated or understated?
A)$10,000 overstated 
B)$0 
C)$4,000 overstated 
D)$10,000 understated

Quizplus · Accepted Answer

Without specific details about the errors made in 2012, it is assumed that the errors have no net effect on the current assets, leading to a $0 impact.

Use the Following Information for Questions