Multiple Choice
If ending inventory for the year ended December 31, 2010, is understated, this error will cause owners' equity to be:
A) overstated at the end of 2010 and understated at the end of 2011.
B) understated at the end of 2010 and overstated at the end of 2011.
C) overstated at the end of 2010 and correctly stated at the end of 2011.
D) understated at the end of 2010 and correctly stated at the end of 2011.
Correct Answer:
Verified
Correct Answer:
Verified
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