A $15,000 Overstatement of the 2011 Ending Inventory Was Discovered

question 52

Multiple Choice

A $15,000 overstatement of the 2011 ending inventory was discovered after the financial statements for 2011 were prepared. How would that inventory error impact the 2011 financial statements?

• A) Current assets were overstated and net income was understated.
• B) Current assets were understated and net income was understated.
• C) Current assets were overstated and net income was overstated.
• D) Current assets were understated and net income was overstated.

Distinguish between volatile and nonvolatile storage types.

Understand the technology and advantages of solid-state drives (SSDs) over mechanical hard drives.

Grasp the significance of RAM and cache memory in system performance.

Learn about the machine cycle and the role of cache memory in CPU performance.

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Definitions:

Underlying Defense Mechanism

A subconscious psychological strategy employed to protect a person from anxiety arising from unacceptable thoughts or feelings.

Implicit Assumption

An underlying belief or principle that is accepted without question or evidence.

Hostile Attribution Bias

A cognitive bias leading individuals to interpret others' intentions as malevolent, often in ambiguous situations.

Expressions of Hostility

Behaviors or gestures that convey anger, aggression, or opposition towards others.