Question:XYZ Company failed to record the purchase of inventory on account at the end of 2008. In which of the following ways is the Balance Sheet misstated? 

A Assets and liabilities are both understated. 
B Assets are understated and liabilities are overstated. 
C Assets and shareholders' equity are both understated. 
D Assets, liabilities, and shareholders' equity are all correctly stated. 

+ Answer
A 

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Md. Habib Ullah

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