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on-recording of purchases during the current and the non-inclusion of the goods purchased in ending inventory will understate net income of the current year cannot be determined due to incomplete information not affect net income of the current year overstate net income of the current year

on-recording of purchases during the current and the non-inclusion of the goods purchased in ending inventory will understate net income of the current year cannot be determined due to incomplete information not affect net income of the current year overstate net income of the current year

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 17E: Errors A company that uses the periodic inventory system makes the following errors: 1. It omits a...
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Non-recording of purchases during the current and the non-inclusion of the goods purchased in ending inventory will

understate net income of the current year
cannot be determined due to incomplete information
not affect net income of the current year
overstate net income of the current year
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