Since an Error in the Period-End Inventory Causes an Offsetting

question 76

Multiple Choice

Since an error in the period-end inventory causes an offsetting error in the next period:

• A)Managers can ignore the error.
• B)It is said to be self-correcting.
• C)It affects only income statement accounts.
• D)If affects only balance sheet accounts.
• E)Is immaterial for managerial decision making.

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Definitions:

Germanium

A chemical element with the symbol Ge and atomic number 32, a metalloid used in semiconductors and fiber optics.

Neutrons

Neutral particles found within an atom's nucleus, not possessing any electric charge and contributing to the atom's mass.

Cobalt

A chemical element with symbol Co, known for its magnetic properties and used in alloys, batteries, and as a pigment.

Isotope

Variants of a particular chemical element that differ in neutron number, and consequently in nucleon number, but not in proton number.