An error in the physical count of goods on hand at the end of the current period resulted in a $3,000 overstatement of the ending inventory. The effect of this error in the period is to averstate net income, understate beginning inventory. overstate beginning inventory. overstate gross profit. 1.67 points An example of physical controls implemented at a company would be a policy where within an entire function (such as the accounts payable process), multiple employees are assigned to the various steps within that function Accounting Department employees are responsible for specific tasks, and the Internal Audit Department is responsible for the periodic review of accounting department records and policies. each task has only one employee assigned to it, with one additional employee cross-trained on that task. employees are required to clock in and out and the beginning and end of each workday