Cooper Inc. took physical inventory at the end of 2017. Purchases that were acquired FOB Shipping Point were in transit at that time, so they were not included in the physical count. Select one: a. Cooper is not required to make any accounting adjustments. b. Cooper needs to correct an accounting error. c. Cooper has made a change in accounting principle, requiring retrospective adjustment. d. Cooper is required to adjust a change in accounting estimate prospectively.

Cooper Inc. took physical inventory at the end of 2017. Purchases that were acquired FOB Shipping Point were in transit at that time, so they were not included in the physical count. Select one: a. Cooper is not required to make any accounting adjustments. b. Cooper needs to correct an accounting error. c. Cooper has made a change in accounting principle, requiring retrospective adjustment. d. Cooper is required to adjust a change in accounting estimate prospectively.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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