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Question Practice

A company mistakenly calculated its depreciation too high in previous years. What impact does this have on its current year’s financial statements?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 11
Accountancy
Accountancy - II
Financial Statements - II
Question Bank

A company mistakenly calculate...

Single Answer MCQ
Q-00053646

A company mistakenly calculated its depreciation too high in previous years. What impact does this have on its current year’s financial statements?

1

Increases profits in the current year

2

Decreases assets on the balance sheet

3

Has no effect on the current year's financials

4

Increases liabilities on the balance sheet

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