While Taking a Physical Inventory, a Company Counts Their Inventory

question 100

Short Answer

While taking a physical inventory, a company counts their inventory as less than the actual amount on hand. How will this error affect the income statement?

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Definitions:

Diploid

Referring to cells that contain two sets of chromosomes, one set inherited from each parent, typical of most body cells except for gametes.

Locus

A specific location or position on a chromosome where a particular gene or genetic marker is situated.

Chromosome

Colored body in the nucleus, composed of DNA and proteins and containing the primary genetic information of the cell; 23 pairs in humans.

Aneuploidy

A genetic condition characterized by an abnormal number of chromosomes.