An Error in the Physical Count of Goods on Hand

question 80

Short Answer

An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending inventory.The effect of this error in the current period is

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Definitions:

Exodusters

African Americans who migrated from states along the Mississippi River to Kansas in the late nineteenth century, seeking political and economic freedom.

Kansas Farmers' Alliance

An organized agrarian economic movement among farmers in Kansas in the late 19th century that worked for their mutual benefit and protection.

Time Zones

Regions of the globe that have been divided into standardized time areas, each typically one hour apart, to facilitate uniform time-keeping.

Newlands Reclamation Act

A 1902 U.S. law that funded irrigation projects for the arid lands of 20 states in the American West, promoting agriculture and settlement.