An Inventory Count Shows That the General Ledger for Inventory

question 58

True/False

An inventory count shows that the general ledger for inventory is understated by $5,000. The entry to correct this would include a debit to cost of goods sold.

---

Definitions:

Absolute Age

A measure of the exact age of a rock, fossil, or other object in years, often obtained through radiometric dating techniques.

Numerical Age

The age of a geological feature or event expressed in years or other units of time, often determined by radiometric dating methods.

Radiometric Age

The determination of the age of a mineral, rock, or archaeological artifact based on the decay rate of radioactive isotopes.

Sedimentary Layer

Stratified deposits formed from the accumulation of mineral and organic particles, often showing distinct bands that indicate different periods of deposition.