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Slide33 - Cutoff Errors and Inventory Valuation Cutoff...

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Unformatted text preview: Cutoff Errors and Inventory Valuation - Cutoff errors are failures to record transactions in the correct time period - Legal transfer of ownership controls the recording of purchases and sales near the year- end - The pressure for profits may cause managers to — Delay the recording of purchases — Include sales orders in revenues ...
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