Thursday 22 November 2012

Inventory was received prior to year-end and included in the physical count of inventory. The purchase was not recorded until the following accounting period. As a result, net income was • Understated. • Could be either over or understated. • Overstated • Correct.

Inventory was received prior to year-end and included in the physical count of inventory. The purchase was not recorded until the following accounting period. As a result, net income was

·        Understated.

·        Could be either over or understated.

·        Overstated

·        Correct.



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