Multiple Choice
Beginning inventory for the year ended December 31, 2010, is understated. How will this error affect net income for 2010 and 2011?
A) 2010 overstated; 2011 understated
B) 2010 understated; 2011 overstated
C) 2010 overstated; 2011 no effect
D) 2010 understated; 2011 no effect
Correct Answer:
Verified
Correct Answer:
Verified
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