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Beginning Inventory for the Year Ended December 31,2015,is Understated

Question 66

Multiple Choice

Beginning inventory for the year ended December 31,2015,is understated.How will this error affect net income for 2015 and 2016?

A) 2015 overstated; 2016 understated
B) 2015 understated; 2016 overstated
C) 2015 overstated; 2016 no effect
D) 2015 understated; 2016 no effect

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