Upaway Company Hired Some Students to Help Count Inventory During

question 88

Multiple Choice

Upaway Company hired some students to help count inventory during their semester break. Unfortunately, the students added incorrectly and ending inventory was overstated by $12,000. What would be the effect of this error in ending inventory?

• A) Cost of goods sold would be overstated.
• B) Ending retained earnings would be understated.
• C) Profit would be overstated.
• D) Profit would be understated.

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Definitions:

Gender Roles

Societal norms dictating the behaviors, tasks, and responsibilities expected of individuals based on their gender.

Professional Competencies

The combination of skills, knowledge, and attributes required to perform a job effectively in a professional setting.

Brokering

The act of serving as a mediator or intermediary between parties to facilitate a deal, agreement, or information exchange.

Dual Career

Refers to a situation where both partners in a marriage or committed relationship have their own careers and professional aspirations.