Ending inventory calculated at closing of accounting period

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Reference no: EM131720005

1. Ending inventory calculated at the closing of an accounting period is also the

Beginning Inventory for the next accounting period.

Beginning inventory for the previous accounting period.

Cost of Goods Consumed for the next accounting period.

Cost of Goods Consumed for the previous accounting period.

None of the above.

2. What is the effect on an operation if its manager increases the number of guests served or increases the amount each guest buys?

Revenues will increase and expenses will decrease.

Revenues will decrease and expenses will increase.

Revenues will increase and expenses will decrease.

Revenues will increase and expenses will increase.

We cannot determine based on the information presented in the question.

Reference no: EM131720005

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