Which of the Following Is Affected as a Result of an Error

question 118

Multiple Choice

Which of the following is affected as a result of an error in performing the physical count of inventory at the end of the accounting period?

• A) sales revenue
• B) operating expenses
• C) net income
• D) net cost of purchases

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Definitions:

GDP

Gross Domestic Product, a measure of the economic performance of a country, calculated as the total value of all goods and services produced.

Real GDP

Gross Domestic Product adjusted for inflation, which represents the value of all goods and services produced within a country's borders in a given period, measured in constant prices.

GDP

Gross Domestic Product, the total value of all goods and services produced by a country over a specific time period.

Average Price Level

An economic measure that calculates the weighted average of prices across a basket of goods and services, often used to identify inflation or deflation in an economy.