Which of the Following Types of Errors Will Check Digits

question 53

Multiple Choice

Which of the following types of errors will check digits usually detect?

• A)Transposition of two digits
• B)Inaccuracy of one digit
• C)Double mistakes canceling out each other
• D)Fraudulent data

Calculate cost of goods sold and understand its relation to ending and beginning inventory.

Appreciate the importance of adhering to principles such as full disclosure and consistency in inventory accounting.

Apply the concept of the lower of cost or net realizable value (NRV) in inventory valuation.

Understand the operational and financial considerations in selecting inventory systems (perpetual or periodic) and costing methods.