A retail organization mistakenly did not include $10,000 of inventory in the physical count at...

IIA IIA-CIA-Part3 Question Answer

A retail organization mistakenly did not include $10,000 of inventory in the physical count at the end of the year. What was the impact to the organization’s financial statements?

Cost of sales and net income are understated

Cost of sales and net income are overstated

Cost of sales is understated and net income is overstated

Cost of sales is overstated and net income is understated

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A retail organization mistakenly did not include $10,000 of inventory in the physical count at...

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