Use a "+" to Denote an Item Is Too High

question 18

Essay

Use a "+" to denote an item is too high as a result of an error, a "-" to denote too low, and a 0 to indicate no effect. What is the effect of each of the following errors on the financial statements of a company which uses the period inventory system?

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Definitions:

Simplify

To simplify something by breaking it down into its fundamental components, making it easier to comprehend.

Simplify

To reduce a mathematical expression or problem to its simplest form, making it easier to understand or solve.

Numerical Coefficient

A number that multiplies a variable in an algebraic expression, representing the variable's rate of change.

Algebraic Expression

A mathematical phrase that can include numbers, variables, and operation symbols but does not contain an equality sign.