Merchandise inventory at the end of the year was inadvertently overstated. Which of the following statements correctly states the effect of the error on net income, assets, and owner's equity?a. net income is overstated, assets are overstated, owner's equity is understated b. net income is overstated, assets are overstated, owner's equity is overstated c. net income is understated, assets are understated, owner's equity is understated d. net income is understated, assets are understated, owner's equity is overstated

Carlos would like to start saving for his son’s college expenses. which type of savings account should carlos open? ida money market 529 plan basic savings account

Which is not an example of a cyclical company? a) airlines b) hotel industry c) medical d) theme parks

Which of the following statements is correct? a) due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u.s. businesses (in terms of number of businesses) are organized as corporationsb) most businesses (by number and total dollar sales) are organized as proprietorships or corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, primarily because corporations have important tax advantages over proprietorships and partnerships.c) due to legal considerations related to ownership transfers and limited liability, which affect the ability to attract capital, most business (measured by dollar sales) is conducted by corporations in spite of large corporations' less favorable tax treatmentd) large corporations are taxed more favorably than proprietorshipse) corporate stockholders are exposed to unlimited liability