Cornwall Co

question 13

Multiple Choice

Cornwall Co.made the following errors in counting its year-end physical inventories: The entry to correct the accounts at the end of 2014 is

• A) Retained Earnings ...................48,000 Cost of Goods Sold ..................42,000 Inventory ........................90,000
• B) Retained Earnings ...................18,000 Cost of Goods Sold ..................72,000 Inventory ........................90,000
• C) Inventory ..........................90,000 Cost of Goods Sold ...............18,000 Retained Earnings ...............72,000
• D) Cost of Goods Sold ..................198,000 Retained Earnings ................108,000 Inventory ........................90,000

---

Definitions:

Motivation

The inner drive or process that stimulates an individual to act towards achieving a desired goal.

Employees

Individuals hired by an organization to perform specific duties and tasks in exchange for compensation.

Incentive Pay

refers to additional compensation provided to employees as a means to motivate performance beyond normal expectations.

Teams Competency

The collective skills, knowledge, and abilities that members of a team possess, enabling effective collaboration and achievement of shared goals.