Messed up easy accounting question
I had a first-round and I messed up a super easy accounting question that I'd gone over many times due to lack of sleep; I immediately corrected myself and got it right, but I said assets down 20 instead of 16 and then corrected myself
Does this count as getting the question wrong or no
No way to know for certain, I'm sure you're worried about it but try not to be.
It depends on who is interviewing you. Some people are much more strict than others. I, for one, wouldn't call it a full mistake if you immediately corrected yourself. There will be others who would.
Try not to stress too much, hang in there and good luck.
Thanks, man! It's in the past so I'll forget about it and move on.
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What was the question?
You pay off $16 of accounts payable with cash. If cash goes down $16, how much did your assets decrease by?
Tricky question. At first glance, you would think $20. But if you look at the $16 in the question, the answer should become clear.
Edit: this is sarcastic
What makes people think assets go down by $20 at first glance? Is there a part of the question that people tend to overcomplicate?
Why would you think $20? Because you're mistakenly assuming you need to reverse a 20% tax shield?
Not trying to be a dick, just trying to think through the initial incorrect reasoning before you corrected yourself.
It's just assets down $16, liabilities down $16, no income statement impact, right?
So the effects on the income statement have already been accounted for. So it should just be a decrease in 16 as others have said?
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