Which Statement Is Not Correct About Inventory Errors

question 86

Multiple Choice

Which statement is not correct about inventory errors?

• A)Misstatements in inventory can affect the beginning inventory amounts.
• B)Misstatements in inventory can affect the ending inventory amounts.
• C)Misstatements in inventory affect current ratios.
• D)Misstatements in inventory have no effect on net income.

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Definitions:

Introspection

Investigating and understanding one's personal emotional and mental states.

Behavior Genetics

The branch of science examining the influence of both genetic makeup and environmental conditions on behavior.

Empiricism

The theory that knowledge originates from experience and that evidence from the senses is a primary source of knowledge.

Structuralism

A theory in psychology and sociology focusing on the components of mental processes, societies, and other phenomena.