Hanuv Corporation Counts Its Ending Inventory Incorrectly in Year 1,assuming

question 17

Multiple Choice

Hanuv Corporation counts its ending inventory incorrectly in year 1,assuming no other inventory errors in future period,

• A)the impact of the error effects the inventory account only.
• B)the error effects profitability,net income and retained earnings for year 1 only.
• C)the error extends in to future years indefinitely.
• D)the error will self-correct by the end of year 2.

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Definitions:

Liberties Or Freedom

Freedom from restrictive control by authorities over one's lifestyle, actions, or political viewpoints within a societal framework.

Nullification Crisis

A confrontation between the state of South Carolina and the federal government in 1832-33 over the state's attempt to nullify federal tariffs.

Daniel Webster

An influential American statesman and senator in the early 19th century, known for his advocacy for the Constitution and the Union.

John C. Calhoun

An American statesman and political theorist from South Carolina, known for his strong defense of slavery and advocating for the rights of states.