An error understated Regan Corporations December 31, 20X6, ending inventory by $42,000. What effect will this error
Question:
An error understated Regan Corporation’s December 31, 20X6, ending inventory by
$42,000. What effect will this error have on net income for 20X7?
a. Overstate
c. No effect
b. Understate
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Related Book For
Financial Accounting International Financial Reporting Standards
ISBN: 9780273777809
1st Global Edition
Authors: Walter T Harrison, Charles Horngren, Bill Thomas, Themin Suwardy
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