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Fate of Net Income Question
If there is an error in the ending inventory affecting the net income of the current period, what will happen to the net income of the next accounting period?
If net income was overstated in the current period, it will be overstated in the next period. Cannot be determined from the information given. It will have no effect on the net income of the next accounting period. It will have the reverse effect on the net income of the next accounting period. |
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