An Error in the Ending Inventory for the Year Ended

question 80

Multiple Choice

An error in the ending inventory for the year ended December 31, 2009:

• A)has no effect on the 2009 financial statements, but will create an error in the 2010 financial statements.
• B)automatically creates errors in cost of goods in the 2009 and 2010 financial statements.
• C)automatically creates errors in the ending inventory balance in the 2009 and 2010 financial statements.
• D)affects only the 2009 financial statements.

Understand the concept of value streams within lean manufacturing.

Recognize the differences between push and pull production systems.

Learn how to calculate the ending balance in finished goods inventory.

Understand the impact of lean principles on reducing waste and its importance to the triple bottom line.

---

Definitions:

Miracle Case

The landmark 1952 Supreme Court case (Burstyn, Inc v. Wilson) that ruled the government could not censor a film on the basis of it being "sacrilegious," significantly influencing free speech in entertainment.

Supreme Court Decision

A ruling made by the Supreme Court, the highest judicial body in a country, which sets a legal precedent or resolves a legal dispute.

First Amendment Protections

Legal guarantees in the United States Constitution that prohibit the government from making laws which regulate an establishment of religion, or that would prohibit the free exercise of religion, or abridge the freedom of speech, the freedom of the press, the right to peaceably assemble, or the right to petition the government for a redress of grievances.

Conglomerate Era

A period in media history starting in the late 20th century where large corporations acquired many media companies, affecting diversity in film and television production.