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متابعة

If goods purchased but not recorded as purchase and were not counted in ending inventory then?

<p>A. Cost of goods sold for the period is understated.</p> <p>B. Cost of goods sold for the period is overstated.</p> <p>C. Cost of goods sold for the period is unchanged.</p>

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تم إضافة السؤال من قبل Altaf Bhoon ACA , Assistant Finance Manager , Atlantic Maritime Group FZE
تاريخ النشر: 2014/11/25
Saleem Khatri
من قبل Saleem Khatri , Head of Finance , Berger Paints International

If full quantity which was not recorded in purchases hasn't been used and not counted in closing inventory then the Cost of goods sold for the period is unchanged (answer = C). BUT ... If goods purchased and not recorded as purchase have partially been utilised/disposed and the balance available not recorded in closing inventory, in this case the cost of goods sold for the period is overstated (answer = B).

Alaa Gharieb Ahmed Ahmed Abou-Eita
من قبل Alaa Gharieb Ahmed Ahmed Abou-Eita , Finance & Administrative Manager , Arab Media Investments Company

c

Mudassar Khan
من قبل Mudassar Khan , Finance Analyst , Communication & Works Department, Government of Punjab

Very basic accounting. answer is C

Muhammad Haroon
من قبل Muhammad Haroon , Senior Accountant , Techno Fibre Middle East Marine Services FZE

The answer is "C" as it will have affect on Gross profit not on Cost of Goods sold

Thaikkattil Mathew Joshi
من قبل Thaikkattil Mathew Joshi , Group Credit Controller , Gps Group,Dubai.

Answer:C

 

Joshi Mathew

CIA #1036906

Divyesh Patel
من قبل Divyesh Patel , Assistant Professional Officer- Treasury , City Of Cape Town

Option C

Werner Lindenberg
من قبل Werner Lindenberg , Asset Manager , Novate Africa Holdings (Pty) Ltd

Answer is C:

It will have a zero effect on COS whether counted and recorded or not counted or recorded. It will only have an effect once it is either counted or recorded, but not both.

 

Also, if COS is affected, then GP is automatically affected...

mohamed Hakim CMA CPA Candidate
من قبل mohamed Hakim CMA CPA Candidate , Accounting Manager , Andersen saudi arabia

Good question 

Answer c

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