An Error in the Physical Count of Goods on Hand $\begin{array}{cc} \text { Cost of Goods Sold } & \text { Net Incom } \\\end{array}$

question 140

Short Answer

An error in the physical count of goods on hand at the end of a period resulted in a $18000 overstatement of the ending inventory. The effect of this error in the current period is $\begin{array}{cc} \text { Cost of Goods Sold } & \text { Net Incom } \\\end{array}$

A) $\begin{array}{cc} \text { Understated } && \text { Understated } \\\end{array}$
B) $\begin{array}{cc} \text { Over stand } &&& \text { Over stand } \\\end{array}$
C) $\begin{array}{cc} \text { Understated } &&& \text { Over stand } \\\end{array}$
D) $\begin{array}{cc} \text { Over stand } &&& \text { Understated } \\\end{array}$

• A) \(\begin{array}{cc} \text { Understated } && \text { Understated } \\\end{array}\)
• B)\(\begin{array}{cc} \text { Over stand } &&& \text { Over stand } \\\end{array}\)
• C)\(\begin{array}{cc} \text { Understated } &&& \text { Over stand } \\\end{array}\)
• D)\(\begin{array}{cc} \text { Over stand } &&& \text { Understated } \\\end{array}\)

Recognize the legal concepts of nuisance and property invasion.

Identify and understand the tort of malicious prosecution.

Understand the essentials of battery, including the requirement for awareness by the plaintiff.

Grasp the concept of defamation and the requirement for publication to a third party.

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Definitions:

Trade Unions

Organizations that represent the collective interests of workers in negotiations with employers regarding wages, work conditions, and rights.

American Liberty League

A conservative political organization formed in 1934, opposing the New Deal of President Franklin D. Roosevelt and advocating for free enterprise and limited government.

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s in response to the Great Depression.

Share Our Wealth Society

A program proposed by Huey Long during the Great Depression in the United States, advocating for wealth redistribution to curb poverty and inequality.