Multiple Choice
Match each situation to its impact (a-c) on the current year's net income.
-Merchandise that was sold and shipped FOB shipping point on the last day of the year was not included in the seller's ending inventory.
A) Net income for the current year will be overstated.
B) Net income for the current year will be understated.
C) There will be no error effect on net income.
Correct Answer:
Verified
Correct Answer:
Verified
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