In 2019,beginning Inventory Is Overstated

question 133

Multiple Choice

In 2019,beginning inventory is overstated.What is the effect of the error on net income in 2019 and 2020?

• A)Net income is overstated in 2019 and 2020.
• B)Net income is understated in 2019 and 2020.
• C)Net income is understated in 2019 and overstated in 2020.
• D)Net income is understated in 2019 and correctly stated in 2020.

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Definitions:

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