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The directors of Growler, which retails exclusive clothes in two shops, have telephoned their auditor to discuss their September management figures. They are worried by the increase in labour and cost of goods sold as a percentage of sales. The auditor discussed the problem with the directors and establishes that inventory was counted in both shops at the close of business on 30 September. Which one of the following explanations put forward by the directors would explain the fall in gross profit? A. The staff of one shop closed down their till early on the last day of the month in order to complete their monthly return forms. The takings for that day were treated as belonging to the next month. B. The value of closing inventories at one shop was overstated due to both assistants including the same rail of clothes in their counts. C. One shop had employed a part-time assistant for two weeks paying her from petty cash and recording the cost as cleaning. D. Both shops had started to use increased sales prices, which should have not come into effect until the following month. |