An overstatement of beginning inventory in a period will result in an overstatement of gross margin in the next period
Indicate whether the statement is true or false
F
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Regarding the inventory system used by small retailers, which of the following statements is incorrect?
A) Some small retailers find it too expensive to invest in a perpetual inventory system. B) To be competitive, small retailers must use a perpetual inventory system. C) In a periodic inventory system, businesses must obtain a physical count of inventory to determine quantities on hand. D) Small retailers can use either the periodic or perpetual inventory system.
The quality of an organization's internal controls affect which of the following?
a. The reliability of financial data. b. The ability of management to make good decisions. c. The ability to remain in business. d. All of the above.
When we are engaged in ________ listening, it is easy to become distracted by emotion-laden words. When we hear them, we may become obsessed with the words and wonder what to do about them rather than continue listening.
A. peripheral B. routine C. marginal D. context-driven E. evaluative
________ describes knowledge that an individual gains through experience
A) Lifestyle B) Learning C) Perception D) Referencing E) Belief