Which of the Following Would Not Be an Example of an Inventory

question 32

Multiple Choice

Which of the following would not be an example of an inventory record error or fraud?

• A) Unrecorded receipts or shipments.
• B) Incorrect date of recording.
• C) Fictitious sales or adjustments.
• D) Incorrect sales price.

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Definitions:

Consume

The action of using up goods and services to satisfy personal or collective wants or needs.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing to do one thing over another.

Production Possibilities Schedule

A table or graph that shows the various combinations of two goods or services that an economy can produce using all its resources efficiently.