When closing stock is overstated, it would reduce,
...When closing stock is overstated, it would reduce,
Cost of sales and increase gross profit
Gross profit and increase cost of sales
Purchases and increases sales
Sales and increase purchases
Correct answer is B
When closing stock is overstated, the cost of goods available for sale will be high and the gross profit low. The higher the cost of sales, the lower the gross profit.
Cash stolen from branch-taking s is recorded in the Head Office books by debiting ...
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \t...
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Which of the following is not found in a trial balance? ...
Goods stolen at the branch is debited to ...
The balance the provision for depreciation account is shown in the ...
\(\begin{array}{c|c} & Halima & Ibinabo \\ & N & N \\ \hline \text{Capital accounts ...
Use the following information to answer the given question: \(\begin{array}{c|c} & N \\ \hl...