JP Corporation Had Net Income of $1,000,000 for 2013

question 29

Multiple Choice

JP Corporation had net income of $1,000,000 for 2013. After issuing its financial statements, the company realized that it had failed to include inventory from one of its small warehouses for several years. Specifically, it forgot to include $20,000 on December 31, 2012 and $30,000 on December 31, 2013. Which of the following is true regarding JP's 2011 net income?

• A)Net income was understated by $10,000.
• B)Net income was overstated by $10,000.
• C)Net income was understated by $30,000.
• D)Net income was overstated by $30,000.

Describe strategies to improve the effectiveness of subject-matter experts as trainers.

Recognize the importance of and strategies for pre-training assessment.

Address problem participants in training sessions.

Understand the ethical considerations in training programs.

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Definitions:

Cross-Examine

The questioning of a witness in a court of law by the party opposing the one who called the witness, aimed at assessing the veracity or credibility of their testimony.

Formal Rulemaking

A regulatory process that requires public notice, opportunity for comment, and a public hearing before a rule can be adopted, often involving a trial-like hearing.

Administrative Law Judge

An official who presides over hearings and disputes involving federal, state, or local administrative agencies, making decisions or recommendations.

Judicial Review

The power of courts to assess the constitutionality of laws and decisions made by legislative and executive bodies.