81 assume that a purchase invoice for 1 000 was appropriately recorded in fiscal 201 4306270

81 assume that a purchase invoice for 1 000 was appropriately recorded in fiscal 201 4306270

81) Assume that a purchase invoice for $1,000 was appropriately recorded in fiscal 2011, but the inventory was excluded in error during the ending inventory count. What impact will this have on fiscal 2012 financial reporting?

A) Gross margin is understated by $1,000.

B) Cost of sales is overstated by $1,000.

C) Ending inventory is understated by $1,000.

D) Beginning inventory is overstated by $1,000.

82) Assume that a purchase invoice for $1,000 was appropriately recorded in fiscal 2011, but the inventory was excluded in error during the ending inventory count. What impact will this have on fiscal 2012 financial reporting?

A) Gross margin is understated by $1,000.

B) Cost of goods available for sale is overstated by $1,000.

C) Cost of sales is understated by $1,000.

D) Beginning inventory is overstated by $1,000.

83) Assume that a purchase invoice for $1,000 was appropriately recorded in fiscal 2011, but the inventory was excluded in error during the ending inventory count. What impact will this have on fiscal 2012 financial reporting?

A) Gross margin is understated by $1,000.

B) Cost of goods available for sale is understated by $1,000.

C) Cost of sales is overstated by $1,000.

D) Beginning inventory is overstated by $1,000.

84) Assume that a purchase invoice for $1,000 was appropriately recorded in fiscal 2011, but the inventory was excluded in error during the ending inventory count. What impact will this not have on fiscal 2012 financial reporting?

A) Beginning inventory is understated by $1,000.

B) Gross margin is understated by $1,000.

C) Cost of sales is overstated by $1,000.

D) Inventory is overstated on the balance sheet.

85) Assume that a purchase invoice for $1,000 was appropriately recorded in fiscal 2011, but the inventory was excluded in error during the ending inventory count. What impact will this not have on fiscal 2011 financial reporting?

A) Beginning inventory is understated by $1,000.

B) Gross margin is understated by $1,000.

C) Cost of sales is overstated by $1,000.

D) Inventory is overstated on the balance sheet.

86) Assume that a purchase invoice for $1,000 was appropriately recorded in fiscal 2011, but the inventory was excluded in error during the ending inventory count. What impact will this have on fiscal 2011 financial reporting?

A) Beginning inventory is understated by $1,000.

B) Gross margin is understated by $1,000.

C) Cost of sales is understated by $1,000.

D) Inventory is overstated on the balance sheet.

87) Assume that ending inventory in fiscal 2011 is overstated by $1,000.What impact will this have on fiscal 2011 financial reporting?

A) Retained earnings is overstated by $1,000.

B) Gross margin is understated by $1,000.

C) Cost of sales is overstated by $1,000.

D) Inventory is understated on the balance sheet.

88) Assume that ending inventory in fiscal 2011 is overstated by $1,000.What impact will this have on fiscal 2012 financial reporting?

A) Retained earnings is overstated by $1,000.

B) Gross margin is understated by $1,000.

C) Cost of sales is understated by $1,000.

D) Inventory is understated on the balance sheet.

89) Assume that ending inventory in fiscal 2011 is overstated by $1,000.What impact will this have on fiscal 2012 financial reporting?

A) Retained earnings is overstated by $1,000.

B) Retained earnings is understated by $1,000.

C) No effect on retained earnings.

D) Inventory is understated on the balance sheet.

90) Assume that ending inventory in fiscal 2011 is overstated by $1,000.What impact will this have on fiscal 2011 financial reporting?

A) Retained earnings is overstated by $1,000

B) No effect on inventory value on the balance sheet.

C) No effect on retained earnings.

D) Inventory is understated on the balance sheet.

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