During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true?
(A) The cost of goods sold was overstated during 2011-2012 and income will be understated during 2012-2013
(B) The income was overstated during 2011-12 and closing inventory will be overstated during 2012-2013
(C) The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
(D) The cost of goods sold was understated during 2011-2012 but retained earnings will not be affected during 2012-2013
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