Accounting is? (A) An Art (B) A Science (C) A Profession (D) All of these Answer.D

The process of recording is done? A. Two times a year B. once a year C. Frequently during the accounting period(Correct) D. At the end of a accounting period  

The beginnings inventory of the current year is overstated by 5,000 and closing inventory is overstated by 12,000. These errors will cause the net income for the current year by A. 17,000 (overstated. B. 12,000 (understated. C. 7,000 (overstated.(Correct) D.…