A large decrease in end of year grain inventory from one year to the next mistakenly left off of the 2021 accrual income statement will make 2021 net income appear: a. Lower than it really is b. As a true reflection of 2021 financial performance c. Higher than it really is d. None of the above

A large decrease in end of year grain inventory from one year to the next mistakenly left off of the 2021 accrual income statement will make 2021 net income appear: a. Lower than it really is b. As a true reflection of 2021 financial performance c. Higher than it really is d. None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A large decrease in end of year grain inventory
from one year to the next mistakenly left off of
the 2021 accrual income statement will make
2021 net income appear:
a. Lower than it really is
b. As a true reflection of 2021 financial
performance
c. Higher than it really is
d. None of the above

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