An Understatement of Year 1's Ending Inventory Will

question 92

Multiple Choice

An understatement of year 1's ending inventory will

• A)cause year 2's cost of goods sold to be overstated.
• B)result in an understatement of year 2's beginning inventory.
• C)not affect year 2's ending owner's equity.
• D)have no effect on year 2's gross margin.

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Definitions:

Signed

Used to indicate whether a numerical value is positive or negative.

Earth Summit

A global conference focused on environmental policy and sustainable development held by the United Nations.

Environmentalist

An individual who advocates for or works towards protecting the natural environment from degradation and promoting sustainability.

Rio De Janeiro

A major city in Brazil, known for its Copacabana and Ipanema beaches, the 38m Christ the Redeemer statue atop Mount Corcovado, and its carnival festival.