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In Inventorying Goods at December 31, a Company Incorrectly Included

Question 65

Multiple Choice

In inventorying goods at December 31, a company incorrectly included some items received on consignment. The error causes an:


A) understatement of inventory, purchases, and accounts payable.
B) overstatement of net income and assets by the same amount.
C) understatement of income and assets by the same amount.
D) overstatement of inventory, purchases, and accounts payable.

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