The president of your company wants you to count merchandise inventory from the factory in preparation for a visit from stockholders. Respond to the following in a minimum of 175 words: The president...

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The president of your company wants you to count merchandise inventory from the factory in preparation for a visit from stockholders.

Respond to the following in a minimum of 175 words:

The president asks you to make the inventory a bit heavy by counting one row twice to cause the net income to show a higher number. What should you do?

Answered Same DayAug 03, 2021

Answer To: The president of your company wants you to count merchandise inventory from the factory in...

Preeta answered on Aug 03 2021

170 Votes

Every organization is USA are bound to follow the rules and standard for the purpose of accounting as set by generally Accepted Accounting Principles (GAAP). As per GAAP, inventory should either be recorded at cost or at the market price whichever is lower (Kothari, Ramanna & Skinner, 2010).
In this case, the president of the company wants to overstate the closing inventory in order to overstate the overall net...

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The president of your company wants you to count merchandise inventory from the factory in preparation for a visit from stockholders. Respond to the following in a minimum of 175 words: The president...

Answer To: The president of your company wants you to count merchandise inventory from the factory in...

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