Cooper Inc. took physical inventory count at the end of 2020. On the day of physical count, there are purchases that are still in transit. The shipping terms of those purchases in transit are FOB destination. As a result, theses purchases in transit were not included in the physical count. which of the following is correct? A. Cooper needs to correct an accounting error. B. Cooper has made a change in accounting principle, requiring retrospective adjustment. C.Cooper is required to adjust a change in accounting estimate prospectively. D. Cooper is not required to make any accounting adjustments. O A O B

Cooper Inc. took physical inventory count at the end of 2020. On the day of physical count, there are purchases that are still in transit. The shipping terms of those purchases in transit are FOB destination. As a result, theses purchases in transit were not included in the physical count. which of the following is correct? A. Cooper needs to correct an accounting error. B. Cooper has made a change in accounting principle, requiring retrospective adjustment. C.Cooper is required to adjust a change in accounting estimate prospectively. D. Cooper is not required to make any accounting adjustments. O A O B

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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