Multiple Choice
An error in the ending inventory for the year ended December 31, 2017:
A) automatically creates errors in cost of goods sold in the 2017 and 2018 financial statements.
B) has no effect on the 2017 financial statements, but will create an error in the 2018 financial statements.
C) automatically creates errors in the ending inventory balance in the 2017 and 2018 financial statements.
D) affects only the 2017 financial statements.
Correct Answer:
Verified
Related Questions
Q114: The cost-of-goods-sold model is:
A)beginning inventory,plus purchases,plus ending
Q120: The gross profit method cannot be used
Q126: An error in ending inventory creates errors
Q127: If ending inventory for a year is
Q132: Ending inventory for the year ended December
