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

Apply statistical concepts to hypothetical real-world scenarios.

Gain insight into assessing data distribution through the mean, median, range, and standard deviation.

Understand the definition, purpose, and components of a Learning Management System (LMS).

Identify and apply different needs assessment techniques such as organization, task, and person analysis in the context of training.

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Definitions:

Distinctiveness-Based Illusory Correlation

A cognitive bias where individuals overestimate the association between unique or distinctive events and specific outcomes.

Minority

A smaller part of a group differing from the majority in ethnic, religious, political, or other characteristics.

Expensive Jewellery

High-value adornments made from precious materials and stones, often considered luxury items.

Mediation

Process of intergroup conflict resolution where a neutral third party intervenes in the negotiation process to facilitate a settlement.