Which of the Following Statements Is Incorrect

question 85

Multiple Choice

Which of the following statements is incorrect?

• A)Ending inventory exceeds beginning inventory when purchases are greater than cost of goods sold.
• B)Cost of goods sold exceeds purchases when ending inventory is less than beginning inventory.
• C)Cost of goods available for sale will always be equal to or greater than cost of goods sold.
• D)Ending inventory is greater than beginning inventory when purchases are less than cost of goods sold.

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Definitions:

Organize Business's Resources

The process of effectively allocating and managing an organization's assets, including human, financial, and physical resources, to achieve its objectives.

Greater Value

The higher worth or significance of something, often due to its usefulness, rarity, or quality.

New Small Business

A recently established company that operates on a smaller scale compared to larger corporations.

Customer Base

The group of customers who repeatedly purchase the goods or services of a business, serving as the main source of revenue for the company.