Which Statement Is Correct About Inventory Errors

question 96

Multiple Choice

Which statement is correct about inventory errors?

• A)Misstatements in inventory can affect the beginning inventory amounts.
• B)Misstatements in inventory are likely to affect only the current accounting period.
• C)Misstatements in inventory are likely to only affect one reporting period.
• D)Misstatements self-correct over three reporting periods.

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