An Error in the Ending Inventory for the Year Ended

question 115

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.

Understand decision points in programming and how they influence program flow.

Grasp the basics of binary code and its role in executing instructions on the CPU.

Identify and understand the process of debugging as a method for error correction in programming.

Understand the role of a compiler in translating written instructions into binary patterns executable by the CPU.

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Definitions:

Addition

The mathematical operation that combines two or more quantities into a single sum.

Commutative Property

A fundamental property of addition and multiplication that states the order of the operands does not change the result, expressed as a+b=b+a or ab=ba.

Multiplication

An arithmetic operation where a number is added to itself a certain number of times, based on another number.

Additive Inverse

The additive inverse of a number is another number that, when added to it, results in zero.