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Navas 27 April 2020 at 13:20 PM

Question 14	ABC Company’s inventory is overstated at December 31 of this year. The result will be
	A) Understated income next year.
	B) Understated retained earnings next year.
	C) Understated retained earnings this year.
	D) Understated income this year.

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FACULTY 18 May 2020 at 06:08 PM

Understated income next year.(option A)

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Alexander Sharpe 28 March 2026 at 12:14 PM

That's a tricky question about inventory errors! It highlights how crucial accurate accounting is. An overstated inventory at year-end means the cost of goods sold will be understated this year, leading to an overstated income. Therefore, the opposite will happen next year. Thinking of it like a slope, if you artificially inflate one year, the following year will experience a decline to compensate for the initial distortion. I think the answer is A.

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