What effect will an overstatement of ending inventory at the end of year 1 have on the amounts reported on the year 1 financial statements?.

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25-10-2022
Business

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What effect will an overstatement of ending inventory at the end of year 1 have on the amounts reported on the year 1 financial statements?.

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akankshasharma92 akankshasharma92 · Answer 1 · 2022-11-04T03:28:39-04:00

An overstatement of ending inventory at the end of year 1 have on the amounts reported on the year 1 financial statements will effect an overstatement of total assets.

After taking into account all assets and liabilities, a person's total assets indicate the value of all they own. Anything that a person or organisation possesses, such a car or a share, is considered an asset. The reason people or businesses invest in an asset is because it could improve in value in the future. It's not uncommon for businesses to buy assets like real estate or brand-new machinery with the goal of employing them to boost their cash flow.

A company's exaggerated net income, which transfers to the balance sheet as retained earnings and, thus, increases shareholders' equity, will be the result of overstating assets or understating liabilities.

Learn more about Total assets, here

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