Create an account to track your scores
and create your own practice tests:
Test: CPA Financial Accounting and Reporting (FAR)
1. | ABC Company recorded goods in transit purchased FOB shipping point at year end as purchases. The goods were excluded from ending inventory. What effect does the omission have on ABC's assets and retained earnings at year end? |
No effect
Assets understated
Both assets and retained earnings understated
Retained earnings understated
Popular Subjects
English Tutors in Denver, MCAT Tutors in Miami, Calculus Tutors in Philadelphia, Biology Tutors in Denver, LSAT Tutors in Philadelphia, Physics Tutors in Denver, GRE Tutors in Washington DC, English Tutors in Chicago, French Tutors in San Diego, Physics Tutors in Boston
Popular Courses & Classes
LSAT Courses & Classes in Miami, Spanish Courses & Classes in Phoenix, ACT Courses & Classes in Chicago, MCAT Courses & Classes in Houston, Spanish Courses & Classes in Philadelphia, GMAT Courses & Classes in Seattle, LSAT Courses & Classes in Boston, GRE Courses & Classes in Houston, SSAT Courses & Classes in Houston, Spanish Courses & Classes in Atlanta
Popular Test Prep
SAT Test Prep in Atlanta, LSAT Test Prep in Boston, MCAT Test Prep in Denver, SAT Test Prep in Washington DC, ISEE Test Prep in Boston, LSAT Test Prep in Denver, ISEE Test Prep in Washington DC, GRE Test Prep in Dallas Fort Worth, ACT Test Prep in Philadelphia, ACT Test Prep in Chicago