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Auditing & Assurance Services 6th Edition by Timothy Louwers
Edition 6ISBN: 978-0077862343Auditing & Assurance Services 6th Edition by Timothy Louwers
Edition 6ISBN: 978-0077862343 Exercise 58
A retailer's physical count of inventory was higher than that shown by the perpetual records. Which of the following could explain the difference?
A) Inventory items had been counted but the tags placed on the items had not been taken off and added to the inventory accumulation sheets.
B) Credit memos for several items returned by customers had not been recorded.
C) No journal entry had been made on the retailer's books for several items returned to its suppliers.
D) An item purchased FOB shipping point had not arrived at the date of the inventory count and had not been reflected in the perpetual records.
A) Inventory items had been counted but the tags placed on the items had not been taken off and added to the inventory accumulation sheets.
B) Credit memos for several items returned by customers had not been recorded.
C) No journal entry had been made on the retailer's books for several items returned to its suppliers.
D) An item purchased FOB shipping point had not arrived at the date of the inventory count and had not been reflected in the perpetual records.
Explanation
Verified
Verified
Therefore,...
Auditing & Assurance Services 6th Edition by Timothy Louwers
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