Effect of Inventory Errors on the Financial Statements (slide 1 of 2)
{"Image DocumentName": "Effect of Inventory Errors on the Financial Statements (slide 1 of 2)", "Image ImageDescription": "Any errors in merchandise inventory will affect the balance sheet and income statement. Some reasons that inventory errors may occur include the following: Physical inventory on hand was miscounted. Costs were incorrectly assigned to inventory. Inventory in transit was incorrectly included or excluded from inventory. Consigned inventory was incorrectly included or excluded from inventory. Inventory errors often arise from merchandise that is in transit at year-end. Shipping terms determine when the title to merchandise passes. \u00a92016 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}