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.

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Definitions:

Social Movements

Collective efforts by societies to promote or resist change in the social structure, focusing on political or social issues.

Winnipeg General Strike

A significant labor action in 1919 in Winnipeg, Canada, where workers united for better wages and working conditions, marking a pivotal moment in the Canadian labor movement.

Movement Partisans

are individuals who are strongly committed to and actively support a social movement or cause.

Strike-Prone

Characterized by a high tendency or likelihood of workers going on strike, usually due to unresolved disputes or dissatisfaction with conditions.