Multiple Choice
An error in the ending inventory for the year ended December 31, 2010:
A) automatically creates errors in cost of goods in the 2010 and 2011 financial statements.
B) has no effect on the 2010 financial statements, but will create an error in the 2011 financial statements.
C) automatically creates errors in the ending inventory balance in the 2010 and 2011 financial statements.
D) affects only the 2010 financial statements.
Correct Answer:
Verified
Correct Answer:
Verified
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