Beginning inventory for the year ended December 31,2015,is understated.How will this error affect net income for 2015 and 2016?
A) 2015 overstated; 2016 understated
B) 2015 understated; 2016 overstated
C) 2015 overstated; 2016 no effect
D) 2015 understated; 2016 no effect
Correct Answer:
Verified
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