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If beginning inventory is understated by $10,000, the effect of this error in the current period is Cost of Goods Sold Profit A. Understated Understated Overstated Overstated Understated Overstated Overstated Understated The custodian of an asset should A. be an accountant. B. have access to the accounting records for the asset. C. be someone from outside the company. D. not have access to the accounting records for the asset. Under the allowance method, writing off an uncollectible account A. affects only statement of financial position accounts. B. affects both statement of financial position and income statement accounts. C. affects only income statement accounts. D. is not acceptable practice