IIA
IIA-CIA-PART3 · Question #252
IIA-CIA-PART3 Question #252: Real Exam Question with Answer & Explanation
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Question
At an organization that uses a periodic inventory system, the accountant accidentally understated the organization s beginning inventory. How would the accountant's accident impact the income
Options
- ACost of goods sold will be understated and net income will be overstated.
- BCost of goods sold will be overstated and net income will be understated
- CCost of goods sold will be understated and there Wi-Fi be no impact on net income.
- DThere will be no impact on cost of goods sold and net income will be overstated
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