If an error in ending inventory in one year will have the reverse effect in the following
Question:
If an error in ending inventory in one year will have the reverse effect in the following year, does this error need to be corrected when it is discovered?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
Agreed a mistake in the final inventory should be fixed as soon as it is fo...View the full answer
Answered By
Kenneth Mutia
I have a B.S. in Statistics from the Jomo Kenyatta University of Agriculture and technology. I have been an academic tutor for over 3 years. I have a passion for helping students reach their full potential and am dedicated to helping them succeed. I am patient and adaptable, and I have experience working with students of all ages and abilities, from elementary school to college in their various fields. I have a wide scope of diverse tutoring experience in several courses of study with significant success as a tutor.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting Principles Part 1
ISBN: 978-1118306789
6th Canadian edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
Question Posted:
Students also viewed these Business questions
-
Explain why an error in ending inventory in one period affects the following period.
-
If an error in counting ending inventory in one year will have the reverse effect in the following year, do we need to correct this error when we discover it? Explain.
-
If an error in counting ending inventory in one year will have the reverse effect in the following year, will this error need to be corrected when it is discovered? Explain.
-
The yields of nine batches of a chemical process were measured and a sample mean of 2.843 and a sample standard deviation of 0.150 were obtained. The experimenter presented a confidence interval of...
-
What is the significance of a business succession plan?
-
Calculate the contribution of the first excited electronic state, namely \({ }^{1} \Delta\) with \(g_{e}=2\), of the \(\mathrm{O}_{2}\) molecule toward the Helmholtz free energy and the specific heat...
-
1. What common factor might explain the high price paid for drinks on trains or at pop concerns and the high price paid by supporters to watch top football clubs? 2. A football club is newly promoted...
-
1. What are the main products offered by Kodak to its customers, and how would you position these products on the goods-to-services continuum of products? 2. Describe the core elements and the...
-
How does over-the-counter (OTC) trading differ from trading on an organized exchange?
-
In the network in Figure S13.45, identify the Markov blanket of each variable. Figure S13.45 A H E B 7 F C J G K
-
Solve each equation. (x + 3) 2/3 + (x + 3) / 6 = 0
-
On April 30, the bank reconciliation of Westbrook Company shows three outstanding checks: No. 254, $650; No. 255, $620; and No. 257, $410. The May bank statement and the May cash payments journal...
-
Al Sevice Corporation 2022 operating performance vs. 2021 operating performance Calculate the following financial factors for both years: Place X in proper colum 2022 2021 Better Worse Al Sevice...
-
a company estimates that the total factory overhead costs will be $559,619 for the year. Direct labor hours are estimated to be 90,700. What is the pre determined factory overhead rate? The amount of...
-
Sapsora Company uses ROI to measure the performance of its operating divisions and to reward division managers. A summary of the annual reports from two divisions is shown as follows. The companys...
-
A 258.93 kg box is resting on a table. The table's surface is 0.75000 m above the floor, and the floor is 6.096 m above the ground. How much gravitational potential energy does the box have relative...
-
ournal entry richard corp granted 4800 options to its officers each option entitles the holder to purchase one share of richard 5 par value of common stock at 30 per share anytime for next 5 years....
-
Proportional allocation was used in the stratified sample in Example 3.2. It was noted, however, that variability was much higher in the West than in the other regions. Using the estimated variances...
-
The words without recourse on an indorsement means the indorser is: a. not liable for any problems associated with the instrument. b. not liable if the instrument is dishonored. c. liable personally...
-
Brook Company Ltd. purchased 70 Meissner Company AG 9%, 10-year, 1,000 bonds on January 1, 2017, for 70,000. The bonds pay interest annually on January 1. On January 1, 2018, after receipt of...
-
Presented below are two independent situations. 1. Chicory Cosmetics acquired 15% of the 200,000 ordinary shares of Racine Fashion at a total cost of 13 per share on March 18, 2017. On June 30,...
-
Yuen Long Carecenters Ltd. provides financing and capital to the healthcare industry, with a particular focus on nursing homes for the elderly. The following selected transactions relate to bonds...
-
Principles of microeconomics in your own words. Discuss what should be the role of government in providing education.
-
For a function for 50 guests you require 8.500 kg of trimmed lamb. Trimmings are 20 %. How much lamb do you need to order from stores? Provide your answer to 3 decimal places) Also consider the...
-
How can the government ensure that public services are distributed equitably so that all citizens have the opportunity to derive utility from them? How can the government measure the utility derived...
Study smarter with the SolutionInn App