The Inventory Account Balance Is $50,000

question 43

Multiple Choice

The Inventory account balance is $50,000.An actual count of inventory reveals that actual inventory is $42,000.Which of the following would be included in the adjusting entry? (Assume a perpetual inventory system. )

• A)a $8000 credit to Cost of sales
• B)a $8000 credit to Inventory
• C)a $42,000 credit to Inventory
• D)a $50,000 debit to Cost of sales

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Definitions:

Demographics

Statistical data relating to the characteristics of populations, such as age, race, gender, and income.

Conflict Theory

A theoretical framework in sociology that emphasizes the social, political, or material inequality of a social group, critiquing the broad socio-political system.

Functionalism

A perspective in sociology and anthropology that views society as a complex system whose parts work together to promote solidarity and stability.

Sources of Bias

Factors and influences that lead to a deviation from neutrality in judgment or representation, affecting the objectivity of conclusions or perceptions.