If the Ending Inventory Is Overstated, Net Income for the Same

question 23

Multiple Choice

If the ending inventory is overstated, net income for the same period will be

• A) Unaffected
• B) Overstated
• C) Understated
• D) Cannot be determined from the information given

---

Definitions:

Social Positions

The status or rank that an individual holds within a society, often influenced by factors such as occupation, wealth, and family background.

African-Americans

A racial or ethnic group in the United States with ancestry from the black racial groups of Africa, historically subjected to slavery and discrimination but with a rich cultural heritage and significant contributions to American society.

Asian-Americans

Americans of Asian descent, a diverse group including individuals with origins in East Asia, Southeast Asia, or South Asia.

Dawes Severalty Act

A 1887 law aimed at assimilating Native Americans into American society by dividing tribal land into individual plots for ownership.