An error understated Grand Company's December 31, 2016, ending inventory by $27,000. What effect will this error have on net income for 2017?
A. Understate
B. No effect
C. Overstate
D. Not sure
查看答案
Which statement is true?
A. The Sales account is used to record only sales on account.
B. Gross profit is the excess of sales revenue over cost of goods sold.
C. A service company purchases products from suppliers and then sells them.
D. Purchase returns and allowances increase the net amount of purchases.
Cost of goods sold will appear on which financial statement?
A. statement of retained earnings
B. balance sheet
C. statement of cash flows
D. income statement
How is inventory classified in the financial statements?
A. as an expense
B. as a contra account to cost of goods sold
C. as an asset
D. as a revenue
When applying the lower-of-cost-or-market rule to inventory, “market” generally means
A. original cost, less physical deterioration.
B. original cost.
C. resale value.
D. current replacement cost.
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