The Accountant for Suzanne Company Made the Following Errors Related

question 22

Multiple Choice

The accountant for Suzanne Company made the following errors related to inventory in 2017:
1) The beginning inventory for 2017 was overstated by $1,375 due to an error in the physical count.
2) A $1,650 purchase of merchandise on credit in 2017 was not recorded or included in the ending inventory.
Assuming a periodic inventory system, how would Sue's cost of goods sold, gross profit, and net income be affected in 2017 by these errors?

• A) Set I
• B) Set II
• C) Set III
• D) Set IV

Differentiate between conditional sale agreements, chattel mortgages, and hire-purchase agreements.

Interpret the legal responsibilities of parties in transactions involving conditional sales and personal property security.

Understand the implications of secured transactions for bona fide purchasers for value.

Explore the rationale and effects of lien legislation on the construction industry and property rights.

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Definitions:

Assigns

Individuals or entities to whom rights or properties are legally transferred.

Landlord's Consent

Permission given by a landlord, often required for specific actions by a tenant, such as subletting or altering the property.

Exclusive Right

A legal provision granting a party sole permission to use, produce, or sell a particular product or service.

Possession

The act of having or controlling something, either physically or legally.