Multiple Choice
Beginning inventory for the year ended December 31, 2011, is understated. How will this error affect net income for 2011 and 2012?
A) 2011 overstated; 2012 understated
B) 2011 understated; 2012 overstated
C) 2011 overstated; 2012 no effect
D) 2011 understated; 2012 no effect
Correct Answer:
Verified
Correct Answer:
Verified
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