An Error in the Physical Count of Goods on Hand $\text { Cost of Goods Sold\quad Net Income }$

question 82

Short Answer

An error in the physical count of goods on hand at the end of a period resulted in a $15,000 overstatement of the ending inventory. The effect of this error in the current period is $\text { Cost of Goods Sold\quad Net Income }$
a. Understated $\quad$$\quad$$\quad$$\quad$$\quad$ Understated
b. Overstated $\quad$$\quad$$\quad$$\quad$$\quad$ Overstated
c. Understated $\quad$$\quad$$\quad$$\quad$$\quad$ Overstated
d. Overstated $\quad$$\quad$$\quad$$\quad$$\quad$ Understated

Recognize the implications and long-term effects of abuse and neglect on children.

Understand the characteristics of Asperger's syndrome and how it differs from other disorders.

Acknowledge the role of social stimulation in child development and its consequences when lacking.

Understand the presumption and implications of with reserve and without reserve in auctions.

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Definitions:

Deductible

The amount paid out of pocket by the policyholder before an insurance company pays a claim.

Personal/Rental

Refers to properties or items that are used both for personal purposes and rented out for income, requiring specific tax treatment for the income and expenses.

Rental Activity

Engaging in leasing out property as a business or investment, generating income from tenants paying rent.

Flow-Through Entity

A legal business entity where income flows through to investors or owners; the entity itself is not taxed but the individuals receiving the income are.