Which of the Following Financial Statement Line Items Will Be

question 191

Multiple Choice

Which of the following financial statement line items will be affected in Year 1 if the ending inventory is overstated at the end of Year 1?

• A)Cost of goods sold will be overstated.
• B)Current assets will be overstated.
• C)Current liabilities will be overstated.
• D)Net income will be understated.

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