Which of the Following Statements Is Incorrect

question 3

Multiple Choice

Which of the following statements is incorrect?

• A)adjustments for unrealised profit in opening inventory would also be required in the following accounting period if this inventory were not sold in the current period
• B)the opening inventory held by an entity at the start of one period becomes the closing inventory in the profit and loss summary for the next period
• C)the closing inventory held by an entity at the end of one period becomes the opening inventory in the profit and loss summary for the next period
• D)from an economic entity viewpoint,the opening inventory of the economic entity will be overstated if a consolidation adjustment is not made to eliminate the unrealised profit in opening inventory

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A virus that attacks the immune system, leading to acquired immunodeficiency syndrome (AIDS) if unchecked.

Plasticity

The brain's ability to change and adapt as a result of experience and new learning.