The physical count of inventory of a retailer was lower than shown by the perpetual records. Which of the following could explain the difference

Q: 45. Which of the following statements islare false about the steps in a purchase transaction? * 1.…

A: Normally a purchase transaction has the following steps:  The first step is to knowing the required…

Q: A retail company recently completed a physical count of ending merchandise inventory to use in…

A: In the given situation, the FOB shipping point inventory was correctly recorded in purchases and…

Q: Under the allowance method of accounting for uncollectible accounts receivable, no attempt is made…

A: Accounts receivable is the amount due to a firm for the use of goods and services by the customers.…

Q: Which one of the following statements related to the control of cash disbursement is true? Payment…

A: Internal control procedures are those controls framed and implemented by a business to safeguard its…

Q: 1. a measure that could have prevented the theft 2. a measure that could have detected the theft 3.…

A: Prevention of Inventory loss / theft A depletion of stock occurs when stock shrinks. It is the…

Q: To correct a sales invoice that was accidentally posted containing the wrong inventory - Select one:…

A: A sales invoice is a commercial document issued by a seller to a buyer as an official record of a…

Q: Langley Company received merchandise on December 31, 2016. Langley failed to record the purchase on…

A: If the purchases entry is not recorded, the expense wouldn't have been recorded and hence the…

Q: On October 10, 202X, Jackson Co. issued debit memorandum no. 1 for $380 to Ada Co. for merchandise…

A: Journal entry:Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Granting the credit is one business function of the sales returns and allowance class of…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: In the percentage of sales basis, companies examine their receivables by preparing an aging…

A: Uncollectible account is the estimated amount of account receivable is going to be bad debts. Such…

Q: ain the correct answer too.. and why others mismatch?

A: Contra accounts are related  to another associated general ledger account . The contra account…

Q: Which of the following statements is true about the periodic inventory system? Question 2Select one:…

A: Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Q: True or False

A: Given statement is: Under the periodic inventory system, the merchandise inventory account is not…

Q: Assuming that Swifty uses the periodic method for recording merchandise transactions, record the…

A: Under a periodic inventory system cost of goods sold will be calculated at the end of the period…

Q: Describe the audit opinion that should be given and explain why. a) The client (a large department…

A: Audit Opinion A report made by auditor which states whether the financial statements are in…

Q: Name the error which was made under the following circumstances: during the accounting period the…

A: There are various errors in the journal book or T-accounts which may or may not effect the total of…

Q: Which of the following is a control objective over sales? O a. None of the options O b. Compare…

A: The question is multiple choice question regarding control objective over sales.

Q: Which of the following manipulations would understate accounts payable on the financial statements?…

A: Account payable  means the amount owed by business to outsider for the goods received and services…

Q: The company just took a physical count of inventory and found $75 worth of inventory wasunaccounted…

A: In accounting, some special journals are being used for the purpose of recording transactions. These…

Q: Information related to Bramble Co. is presented below. 1. 2. 3. 4. 5. (a) On April 5, purchased…

A: Journal entries in accounting are the first step in the accounting cycle, used to record financial…

Q: What audit assertions and internal controls deal with the following and how are the assertions and…

A: Assertions: These are the claims made by the management regarding certain financial information and…

Q: Which of the following is a test of control relating to purchases? a. None of the options b. Give…

A: Test of controls refers to the audit procedure followed by the auditors while conducting an audit of…

Q: A company that uses the periodic inventory system makes the following errors:…

A: Periodic inventory system refers to a method of inventory valuation in which physical count of…

Q: Which of the following statements is correct concerning the operati merchandiser who chooses to use…

A: A periodic inventory system is that system in which inventory is counted on a physical basis at the…

Q: To determine whether accounts payable are complete, auditors perform a test to verify that all…

A: Audit Test: An audit test is a sample from all recorded transactions to test the accuracy of…

Q: a. Explain TWO differences between the perpetual and the periodic systems.  b. How do we record a…

A: Perpetual Inventory System : In this system, inventory is tracked continuously at each movement. The…

Q: During the taking of physical inventory, the controller intentionally withheld several inventory…

A: If the auditor had observed the physical inventory count, they would have seen that the controller…

Q: Name the error which was made under the following circumstances:

A: The error of omission is a type of error that takes the account of results caused due inactions or…

Q: Which of the following is an internal control measure regarding purchases made by a company during a…

A: Internal control measures are policies and procedures put in place by a company to ensure the…

Q: Which of the following substantive procedures would most likely help an auditor determine whether…

A: Substantive procedures are performed to detect the material misstatement or fraud at the assertion…

Q: The internal control questionnaire for purchases and accounts payable includes the following…

A: Internal control is very important for every business organisation. It helps in achievement of…

Q: A receiving report is filled out when we receive: An inventory shipment from a vendor. Items that a…

A: Receiving Report is an internal document usually prepared by the Stores manager/Inventory…

Q: 11) The data collected during the accounts payable process can be converted into several accounts…

A: The report that summarizes purchases by vendor over a specific period to identify unusual activity…

Q: internal control methods.

A: Employers must know how to identify/detect theft by an employee and ways to handle suspicions…