If the Amount Assigned to Ending Inventory Is Incorrect

question 154

Multiple Choice

If the amount assigned to ending inventory is incorrect,

• A) The balance sheet is affected, but the income statement is not.
• B) The income statement is affected, but the balance sheet is not.
• C) The balance sheet is affected, but cost of goods sold is not.
• D) Both the balance sheet and the income statement are affected.

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Definitions:

Limiting Factor

A condition or resource that limits the growth, abundance, or distribution of an organism or a population within an ecosystem.

Predation

The biological interaction where one organism, the predator, kills and eats another organism, its prey.

Competitive Exclusion

A principle stating that two species competing for the same resource cannot coexist at constant population values, if other ecological factors remain constant.

Interspecific Competition

A form of competition between individuals of different species competing for the same resource in an ecosystem.