If Ending Inventory for the Year Ended December 31, 2010

question 121

Multiple Choice

If ending inventory for the year ended December 31, 2010, is understated, this error will cause owners' equity to be:

• A)overstated at the end of 2010 and understated at the end of 2011.
• B)understated at the end of 2010 and overstated at the end of 2011.
• C)overstated at the end of 2010 and correctly stated at the end of 2011.
• D)understated at the end of 2010 and correctly stated at the end of 2011.

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Definitions:

Organizational Culture

The shared values, beliefs, and practices that shape the social and psychological environment of a business.

Kent Thiry

An American businessman known for his leadership roles in healthcare companies, particularly as the CEO of DaVita Inc.

Organizational Culture

The shared values, beliefs, and norms that influence the way employees think, feel, and behave within an organization.

Trust and Learning

The relationship between trusting relationships, which facilitate openness and vulnerability, and the creation of an environment conducive to learning and knowledge sharing.