CA CPT Dec 2017 Question Paper Fundamentals of Accounting for online practice

Question : 14 of 60

Marks: +1, -0

While finalizing the current year’s profit, the company realized that there was anerror in the valuation of closing inventory of the previous year. In the previous year,closing inventory was valued more by ₹ 50,000. As a result:

Previous year’s profit is overstated and current year’s profit is also overstated
Previous year’s profit is understated and current year’s profit is overstated
Previous year’s profit is understated and current year’s profit is also understated
Previous year’s profit is overstated and current year’s profit is also understated

Validate

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