Multiple Choice
Beginning inventory for the year ended December 31, 2008, is understated. How will this error affect net income for 2008 and 2009?
A) 2008 overstated; 2009 no effect
B) 2008 understated; 2009 overstated
C) 2008 understated; 2009 no effect
D) 2008 overstated; 2009 understated
Correct Answer:
Verified
Correct Answer:
Verified
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