An Error in the Ending Inventory for the Year Ended

question 15

Multiple Choice

An error in the ending inventory for the year ended December 31, 2013:

• A) automatically creates errors in cost of goods in the 2013 and 2014 financial statements
• B) has no effect on the 2013 financial statements but will create an error in the 2014 financial statements
• C) automatically creates errors in the ending inventory balance in the 2013 and 2014 financial statements
• D) affects only the 2013 financial statements

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Definitions:

Soil Erosion

The process by which soil is removed from a location, often by wind, water, or human activity, leading to loss of fertility.

Pollination

In gymnosperms, the transfer of pollen from pollen cone to seed cone; in angiosperms, the transfer of pollen from anther to stigma.

Biodiversity

The variety and variability of life on Earth, encompassing the diversity of species, genetic variation, and ecosystems.

Antibiotics

Chemicals that interfere with the physiological activities, or structure, of bacteria.