Which f the following statements is true if the amount assigned to ending inventory is incorrect?
A)The balance sheet is affected,but the income statement is not.
B)The income statement is affected,but the balance sheet is not.
C)Neither the balance sheet nor the income statement are affected.
D)Both the balance sheet and the income statement are affected.

Question

Quizplus · Accepted Answer

The ending inventory is a component of both the balance sheet and the income statement. Therefore, if the amount assigned to ending inventory is incorrect, both the balance sheet and income statement are affected.

Which F the Following Statements Is True If the Amount