Day: June 9, 2021

The directors of a company are completing the accounts for the year ended 30 April 2020.

They discover that the stock at 1 May 2019 was over-valued by £50,000.

What is the effect of correcting this error in the accounts?

Select ONE answer:

Show your workings to arrive at your answer, and explain and justify your reasons:

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This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 3

1. Not correct
2. Not correct
3. Correct
4. Not correct

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