Consolidation workpaper procedures are usually based on the assumption that any unrealized profit in the beginning inventory

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Consolidation workpaper procedures are usually based on the assumption that any unrealized profit in the beginning inventory of one year is realized through sales in the following year. If the related merchandise is not sold in the succeeding period, would the assumption result in an incorrect measurement of consolidated net income?

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Advanced Accounting

ISBN: 9780132568968

11th Edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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