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Determine what the omission will

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Question 1: The accountant forgot to include the inventory in the receiving area in the year end physical count. The omission will:

a) Understate Cost of Goods Sold and Assets and overstate Income and Owner's Equity

b) Overstate Cost of Goods Sold and understate Net Income

c) Understate Net Income, Assets and Owner's Equity

d) Understate Cost Of Goods Sold, Assets and Owner's Equity

Reference no: EM132477622

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