Indicate whether each of the following statements is true or false. (Assume a periodic inventory...
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Accounting
Indicate whether each of the following statements is true or false. Assume a periodic inventory system :: a If the balance in ending inventory is overstated, net income will be understated. b If the balance in ending inventory is understated, retained earnings will be understated c If the balance in ending inventory is overstated, selling and administrative expenses will not be affected. d If the balance in ending inventory is overstated, cost of goods sold will be overstated. e If the balance in ending inventory is overstated, assets will be overstated.
Indicate whether each of the following statements is true or false. Assume a periodic inventory system
::
a
If the balance in ending inventory is overstated, net income will be understated.
b
If the balance in ending inventory is understated, retained earnings will be understated
c
If the balance in ending inventory is overstated, selling and administrative expenses will not be affected.
d
If the balance in ending inventory is overstated, cost of goods sold will be overstated.
e
If the balance in ending inventory is overstated, assets will be overstated.
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