Q1 On the balance sheet, double counting a portion of ending inventory will result in (understating having no affect on ) ending inventory and (understating having no affect on ) total assets Q2 On the income statement, double counting a portion of ending inventory will result in ( having no affect...

Q1. On the balance sheet, double counting a portion of ending inventory will result in (understating /

Question:

Q1. On the balance sheet, double counting a portion of will result in (understating / having no affect on / ________) and (understating / having no affect on / ________) total assets.
Q2. On the income statement, double counting a portion of will result in (________/ having no affected on / ________) cost of goods sold (COGS) and (understating / having no affect on / overstating) gross profit.
Q3. To qualify for the year-end bonus, the manager (________/ should not) double count over two thousand dollars of . Why?
Q4. Is intentionally double counting ethical? (Yes / ________/ Maybe) Why?
Q5. Is intentionally double counting legal? (Yes / ________ / Maybe) Why?
Q6. List some possible consequences if upper management detects double counting of .
Q7. Discuss some ways the double counting of inventory could be detected by management.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...