Correction of an error in the financial statements of a, Ask an Expert

Accounting

The occurrence that most likely would have no effect on 2007 net income is the

a. sale in 2007 of an office building contributed by a stockholder in 1961.

b. collection in 2007 of a dividend from an investment.

c. correction of an error in the financial statements of a prior period discovered subsequent to their issuance.

d. stock purchased in 1993 deemed worthless in 2007.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9403363

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