An error in the ending inventory of the current period will have a similar effect on the net income of the next accounting period.

Name: An error in the ending inventory of the current period will have a similar effect on the net income of the next accounting period.
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Question

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An error in the ending inventory of the current period will have an opposite effect on the net income of the next accounting period because the ending inventory of one period becomes the beginning inventory of the next.

An Error in the Ending Inventory of the Current Period