If a company understates its count of ending inventory in Year 1,which of the following is true?
A) Costs of good sold is understated at the end of Year 1.
B) Profit is correct in Year 2.
C) The balance of retained earnings is overstated at the end of Year 1.
D) The balance of retained earnings is correct at the end of Year 2.
Correct Answer:
Verified
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A)An asset account.
B)A
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