An Error in the Ending Inventory for the Year Ended

question 21

Multiple Choice

An error in the ending inventory for the year ended December 31, 2019:

• A) has no effect on the 2019 financial statements but will create an error in the 2020 financial statements
• B) affects only the 2019 financial statements
• C) automatically creates errors in cost of goods in the 2019 and 2020 financial statements
• D) automatically creates errors in the ending inventory balance in the 2019 and 2020 financial statements

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Definitions:

Intelligence is Plastic

The concept that an individual's cognitive abilities can be shaped and improved through environmental experiences, education, and training.

Taking Risks

The action of engaging in behaviors or decisions that involve potential for loss or danger.

Individual's Development

An individual's development encompasses the physical, psychological, and social changes that occur over the course of their life, shaped by both genetic predispositions and environmental influences.

Stereotyped

Characterized by generalized and oversimplified beliefs or ideas about a person, group, or thing, often leading to unjust judgments.