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

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. 7,000 (understated.

 

C. Overstatement of closing stock results in overstatement of profit and overstatement of
opening stock results in understatement of profit. In the instant case, there will be overstatement of
profit by 12,000 – 5,000 = 7,000.

 

Which of the following country will host Asia Cup 2020, which has been postponed and will be rescheduled to June 2021?

Which of the following country will host Asia Cup 2020, which has been postponed and will be rescheduled to June 2021?

A. India
B. Hong Kong
C. Sri Lanka (Correct)
D. None of these

Who has been inaugurated the facility of country’s first-ever indigenously made ventilators at National Radio and Telecommunication Corporation (NRTC) in Haripur?

Who has been inaugurated the facility of country’s first-ever indigenously made ventilators at National Radio and Telecommunication Corporation (NRTC) in Haripur?

A. President Dr. Arif Alvi
B. Prime minister Imran Khan (Correct)
C. Gen. Qamar Javed Bajwa
D. None of above