Which of the following statements is false?
◦ Either an overstatement of an asset account or an understatement of a liability account would have the same effect on the income statement.
◦ A misclassification in the balance sheet will have no effect on operating income.
◦ Either an overstatement of an asset account or an overstatement of a liability account would have the same effect on the income statement.
◦ Either an understatement of an asset account or an overstatement of a liability account would have the same effect on the income statement.