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What is ordinarily the primary concern when auditing the income statement?

A) Overstatement of Revenues, Expenses and Net Income.

 

B) Overstatement of Revenues and Expenses, and understatement of Net Income.

 

C) Overstatement of Net Income and understatement of Revenues and Expenses.

 

D) Overstatement of Revenues and Net Income, and understatement of Expenses.

 

E) None of the above.

Auditing Internal Audit
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Question added by Riaz Ahammed , Financial Accountant , UTC Climate Controls & Security
Date Posted: 2015/04/15
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Arslan Ali Khan ali
by Arslan Ali Khan ali , Accounts and Finance Assistant , Vertex Electronic pvt limited

D) overstatement of revenues and net income, and understatement of expenses

Riaz Ahammed
by Riaz Ahammed , Financial Accountant , UTC Climate Controls & Security

Overstatement of Revenues and Net Income, and understatement of Expenses is the right answer.

Deleted user
by Deleted user

C) Overstatement of Net Income and understatement of Revenues and Expenses.

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