If Ending Inventory for the Year Ended December 31, 2013

question 99

Multiple Choice

If ending inventory for the year ended December 31, 2013, is understated, this error will cause owners' equity to be:

• A) overstated at the end of 2013 and understated at the end of 2014
• B) understated at the end of 2013 and overstated at the end of 2014
• C) correctly stated at the end of 2013 and overstated at the end of 2014
• D) understated at the end of 2013 and correctly stated at the end of 2014

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