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The December 31, 2016, Ending Inventory Failed to Include $25,000

question 114

Multiple Choice

The December 31, 2016, ending inventory failed to include $25,000 of inventory that was received on December 27,
2016. The purchase on account was, however, properly recorded on the date of delivery. What effect will this error have on the December 31, 2016, assets, liabilities, and net income for the year then ended? $\begin{array} { l l l l } & \text { Assets } & \text { Liabilities } & \text { NetIncome } \\\hline\text { I. } & \text { overstated } & \text { overstated } & \text { no effect II. } \\& \text { understated } & \text { understated } & \text { no effect } \\\text { III. } & \text { understated } & \text { no effect } & \text { understated } \\\text { IV } & \text { understated } & \text { understated } & \text { understated }\end{array}$

Grasp the concept of moral development levels and how they relate to professional behavior.

Identify the impact of ethical dilemmas on decision-making in professional selling.

Understand the legal and ethical dimensions of employment practices, including the prohibition of discrimination and harassment.

Comprehend the importance of ethical behavior in building professional relationships and trust with clients.

Definitions:

Bacon's Rebellion

A 1676 uprising in colonial Virginia, led by Nathaniel Bacon, against the colony's government for its failure to protect settlers from Native American raids.

Virginia

A state located in the Southeastern and Mid-Atlantic regions of the United States, known for its significant contributions to the formation of the nation's history and government.

Puritans

A religious group in the 16th and 17th centuries advocating for purification of the Church of England from Roman Catholic practices.

English Civil War

A series of armed conflicts and political machinations between Parliamentarians ("Roundheads") and Royalists ("Cavaliers") over governance and authority in England during the mid-17th century.