Multiple Choice
An understatement of the ending inventory in Year 1,if not corrected,will cause which of the following?
A) The year 1 net income to be understated and Year 2 net income to be overstated.
B) The year 1 net income to be overstated and Year 2 net income to be overstated.
C) The year 1 net income to be overstated and Year 2 net income will be correct.
D) The year 1 net income to be overstated and Year 2 net income to be understated.
Correct Answer:
Verified
Correct Answer:
Verified
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