A New Partner Was Admitted but the Assets Weren't Revalued

question 50

Multiple Choice

A new partner was admitted but the assets weren't revalued.A revaluation would have decreased the worth.This error would cause:

• A)future period's net income to be understated.
• B)future period's net income to be overstated.
• C)this period end assets to be understated.
• D)cash and capital to lower.

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