To Change the Quantity on Hand for an Inventory Item

question 70

Multiple Choice

To change the quantity on hand for an inventory item, you_______ .

• A)Prepare an Inventory Valuation Detail report
• B)Change the Opening Balance Invoice
• C)Edit the item in the Products/Services List
• D)Edit the Inventory Asset account

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Definitions:

Biweekly Salaries

Payroll disbursements made to employees every two weeks, totaling twenty-six payments annually.

Fiscal Period

Any designated period of time for accounting purposes, typically a year, used by governments and businesses for financial reporting and budgeting.

Adjusting Entry

A journal entry made at the end of an accounting period to update the accounts and ensure they reflect the true financial position of the business.

Summary of Adjustments

Summary of Adjustments is a document or section within financial statements detailing any adjustments made to initial financial records to ensure their accuracy and alignment with accounting principles.