A Explain the Effect of the Following on the Financial

question 53

Essay

a. Explain the effect of the following on the financial statements:​Goods held on consignment were included in the ending inventory count.​Goods purchased FOB shipping point were in transit on the last day of the year.These goods were not counted as part of ending inventory.​Goods sold FOB shipping point were in transit on the last day of the year.These goods were not counted as part of ending inventory.​​b. What happens if inventory errors are not found and corrected?

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Definitions:

Power Distance

A cultural dimension describing the extent to which less powerful members of organizations and institutions accept and expect power to be distributed unequally.

Future Orientation

This refers to the degree to which individuals or cultures prioritize and plan for future events, often impacting long-term decision making and goal setting.

In-Group Collectivism

The tendency of individuals in a group, organization, or society to prioritize and emphasize the goals, needs, and views of the in-group over those of outsiders.

Assertiveness

The quality of being self-assured and confidently expressing one's rights and needs without infringing on the rights of others.