Which of the Following Statements Is Incorrect

question 126

Multiple Choice

Which of the following statements is incorrect?

• A)Ending inventory exceeds beginning inventory when purchases are greater than cost of goods sold.
• B)Cost of goods sold exceeds purchases when ending inventory is less than beginning inventory.
• C)Cost of goods available for sale will always be equal to or greater than cost of goods sold.
• D)Ending inventory is greater than beginning inventory when purchases are less than cost of goods solD.Ending inventory exceeds beginning inventory when purchases are greater than cost of goods sold.

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Definitions:

Risk Of Loss

Refers to the potential for financial loss in a transaction or investment, often concerning who bears the responsibility if goods are damaged or lost.

Courier Service

A company that provides fast and secure delivery of packages, documents, and other goods from one location to another.

Good Title

Legitimate ownership of property free from legal encumbrances or claims.

Steals Bicycle

The act of unlawfully taking someone else's bicycle without permission with the intent to permanently deprive the owner of it.