Question Description

I need support with this Accounting question so I can learn better.

There may be instances of incorrect recording of inventory data in the books of account. As closing inventory is carried forward in the general ledger of the next accounting period, as opening inventory, an incorrect recording of inventory in one accounting period can affect the accounts of the subsequent period.

Consider the features of accounting for inventory and respond to the following:

  • What are the effects of inventory errors?

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