Inventory Errors Flashcards by Courtney Bond

Q

Overstatement of ending inventory

A

When EI is overstated

COGS is understated

Income is overstated

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Q

Understatement of ending inventory

A

When EI is understated

COGS is overstated

Income is understated

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Q

Overstatement of purchases

A

COGS is overstated

Income is understated

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Q

Understatement of purchases

A

COGS is understated

Income is overstated

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Q

Overstatement of beginning inventory

A

COGS is overstated

Income is understated

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Q

Understatement of beginning inventory

A

COGS is understated

Income is overstated

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