Multiple Choice
A company fails to record one storeroom full of inventory in its year-end inventory records.As a result, this will cause:
A) an overstatement of inventory on the year-end balance sheet.
B) an understatement of gross profit in the following year.
C) an overstatement of retained earnings at the end of the year.
D) an overstatement of cost of goods sold for the current year.
Correct Answer:
Verified
Correct Answer:
Verified
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