If a Company Overstates Its Ending Balance of Inventory in Year

question 90

Multiple Choice

If a company overstates its ending balance of inventory in year 1 and it records inventory correctly in year 2,which one of the following is true?

• A)Net income is overstated in year 2.
• B)Cost of goods sold is overstated in year 1.
• C)Net income is understated in year 1.
• D)Retained earnings is overstated in year 1.

Recognize the impact of cognitive and environmental stimulation on learning and intelligence.

Understand the complexities of language processing, metacognition, and academic achievements in school environments.

Identify and understand various logical fallacies in arguments.

Distinguish between credible and non-credible sources of information.

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Definitions:

Check More Than One Box

A phrase often used in surveys and forms to allow respondents to identify with multiple options, especially relevant in contexts of racial, ethnic, or other multifaceted identities.

2000 Census

A decennial census conducted by the United States Census Bureau to collect demographic, housing, and socioeconomic data.

Identifying Race

The process of classifying or categorizing individuals into groups based on physical characteristics, ancestry, genetics, or social identity.

Irish Immigrants

Individuals from Ireland who have moved to another country, often for economic reasons, personal choice, or fleeing hardship.