An Error in the Ending Inventory for the Year Ended

question 2

Multiple Choice

An error in the ending inventory for the year ended December 31,2019:

• A)automatically creates errors in cost of goods sold in the 2019 and 2020 financial statements.
• B)has no effect on the 2019 financial statements,but will create an error in the 2020 financial statements.
• C)automatically creates errors in the ending inventory balance in the 2019 and 2020 financial statements.
• D)affects only the 2019 financial statements.

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Definitions:

Credit Union

A member-owned financial cooperative, providing savings, credit, and other financial services to its members.

Confidence Interval

A statistical range, with a certain probability, where a true population parameter is expected to lie.

Average Age

The sum of individual ages divided by the number of individuals in a given group, representing a central value of ages in that group.

First Word

The initial term or expression in a sequence of words, often carrying significant meaning or setting the tone for what follows.