One of the most common sources of misstatement in financial statements is the:
A)use of alternating inventory costing methods.
B)failure to write down inventory when the market value is below cost.
C)failure to report stock issues appropriately.
D)incorrectly calculating the inventory turnover ratio.

Question

Quizplus · Accepted Answer

The failure to follow inventory lower of cost of market (LCM)rules is one of the most common types of financial statement misstatements.

One of the Most Common Sources of Misstatement in Financial