Assume That a Purchase Invoice for $1,000 Was Appropriately Recorded

question 140

Multiple Choice

Assume that a purchase invoice for $1,000 was appropriately recorded in fiscal 2012, but the inventory was excluded in error during the ending inventory count. What impact will this have on fiscal 2013 financial reporting?

• A)Gross margin is overstated by $1,000.
• B)Cost of sales is overstated by $1,000.
• C)Ending inventory is understated by $1,000.
• D)No effect on beginning inventory.

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Definitions:

Ionotropic Receptors

These are a type of neurotransmitter receptor that forms an ion channel pore, rapidly changing the ion permeability of the cell membrane upon ligand binding.

Metabotropic Receptors

A type of G protein-coupled receptor in the cell membrane that initiates a cascade of cellular responses when bound to a neurotransmitter.

Synapse Change

Refers to the structural or functional modification of synapses, the junctions between neurons, which underlies learning and memory.

Learning Accommodation

The process by which individuals adjust their cognitive strategies or understanding to incorporate new information.