If a Period-End Inventory Amount Is Reported in Error, It

question 158

Multiple Choice

If a period-end inventory amount is reported in error, it can cause a misstatement in all of the following except:

• A) Cost of goods sold.
• B) Gross profit.
• C) Net sales.
• D) Current assets.
• E) Net income.

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Definitions:

Prometaphase

Phase of cell division that occurs between prophase and metaphase and is characterized by attachment of the spindle fibers to the kinetochores of each sister chromatid.

Metaphase

A stage of mitosis in cell division where chromosomes line up in the middle of the cell before being separated into two new cells.

Prophase

First phase of mitosis; characterized by the condensation of the chromatin; chromosomes are visible, but scattered in the nucleus.

Diploid Number

The total number of chromosomes in a cell or organism, consisting of two sets, one inherited from each parent; symbolized as 2n.