Ranger Company uses a periodic inventory system. If the company's beginning inventory in the current year is overstated, and that is the only error in the current year, then the company's income for the current year will be
a. understated and assets correct.
b. understated and assets overstated.
c. overstated and assets overstated.
d. understated and assets understated.
A
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When the value of the Mexican peso declines relative to another currency, the exchange rate for the Peso has
a. revalued. b. appreciated. c. depreciated. d. deposited.
Under a JIT system,
A) customer demand pulls units through the production line. B) safety stock is set at relatively high levels. C) stockouts are never a problem. D) inventory levels are set at 10% of total production levels. E) production is set at a level to maximize factory output.
Failure to assign ownership occurs in which of the following situations?
a. when someone makes significant contributions to a product design without a formal agreement of who owns the idea b. only when someone makes a significant contribution and is not paid for the contribution c. only when someone makes a significant contribution and is paid for the contribution d. when someone fails to place the company name on the patent
Under federal law a retailer who had no role in the manufacture of a defective good may not be held liable to a consumer injured by the good
a. True b. False Indicate whether the statement is true or false