An overstatement of beginning inventory results in
a. no effect on the period's gross margin.
b. an overstatement of gross margin.
c. an understatement of gross margin.
d. a need to adjust purchases.
C
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If a bond selling price was listed in the Wall Street Journal as 50, the actual selling price was:
a. $5000 b. $5 c. $250 d. $50 e. $500
Harold, a financial accountant in a company, is asked to identify the changes in the company's account values between 2014 and 2016. To get the required information, he uses comparative financial statements, which state the figures for the two years side by side. These comparative financial statements make it easier for Harold to identify the changes that may have taken place during that period. In this scenario, Harold is most likely using _____ to get the required information.
A. activity-based costing B. horizontal analysis C. liquidity index D. static analysis
A real estate agent who represents both buyer and seller in a transaction without disclosure to both has breached the duty of loyalty
Indicate whether the statement is true or false
Salieri Company purchased 80 keyboards on account for $15 each from Amadeus, Inc. When they unpacked the keyboards, Salieri found that 30 of the keyboards were damaged in shipping. What is the journal entry that Salieri will make to record the purchase return?
A) Debit Purchase Returns and credit Inventory, $1,200. B) Debit Accounts Payable - Amadeus and credit Inventory, $1,200. C) Debit Purchase Returns and credit Inventory, $450. D) Debit Accounts Payable - Amadeus and credit Inventory, $450.