Which of the Following Is an INCORRECT Statement If Ending

question 76

Multiple Choice

Which of the following is an INCORRECT statement if ending inventory is understated?

• A)Cost of goods sold is overstated.
• B)Gross profit is overstated.
• C)Net income understated.
• D)Income tax is understated.

---

Definitions:

Lean Business Model

A lean business model focuses on creating more value for customers with fewer resources by minimizing waste and optimizing processes.