An Error in the Physical Count of Goods on Hand $\quad$

question 92

Multiple Choice

An error in the physical count of goods on hand at the end of a period resulted in a $10,000 overstatement of the ending inventory. The effect of this error in the current period is
Cost of Goods Sold $\quad$ Profit

• A) Understated\(\quad \)\(\quad \) Understated
• B) Overstated \(\quad \)\(\quad \)Overstated
• C) Understated \(\quad \)\(\quad \)Overstated
• D) Overstated \(\quad \)\(\quad \)Understated

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Definitions:

Emotional Stability

A personality trait characterized by one's ability to remain calm and composed, especially in stressful situations.

Conscientiousness

A personality trait characterized by diligence, carefulness, thoroughness, self-discipline, and the desire to perform tasks well.

Openness

A personality trait characterized by a willingness to try new experiences, think creatively, and be open to different ideas.

Strong Situation

A situation that overwhelms the effects of individual personalities by providing strong cues for appropriate behavior.