Net assets A: Overstated by $90 B: Understated by $90 C: Overstated by $180 D: Understated by $180

Mr. Write gives a cash discount of $40 to a customer. The discount is credited to the discounts allowed account.The effect of recording the discount in this way is that profit will be: A: correct B: overstated by $80 C: understated by $80 D: understated by $40

COHERENT () A: logical B: understated C: overheard D: audible E: persistent

Stock purchased was debited incorrectly to the motor vehicles account. The effect on the profit and loss account would be ？ A: Asset unaffected B: Asset understated C: Profit unaffected D: Profit affected