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朱曉玲助教
2020-11-17 10:34
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The accountant at Investotech discovered the following errors after calculating the company's profit for 20X3:
1) A non-current asset costing $50,000 has been included in the purchases account
2) Stationery costing $10,000 has been included as closing inventory of raw materials, instead of stationery expenses
What is the effect of these errors on gross profit and net profit?
A. Understatement of gross profit by $40,000 and understatement of net profit by $30,000
B. Understatement of both gross profit and net profit by $40,000
C. Understatement of gross profit by $60,000 and understatement of net profit by $50,000
D. Overstatement of both gross profit and net profit by $60,000
【Answer】A
【Explanation】Revenue – cost of sales =gross profit -other expense =net profit
a)本來應該即資產,結果記在了purchase里面purchase多了50，導致GP%NP少了50
asset少了50 ,對利潤無影響;資產記作cost of sales，成本被多記了，則gross profit 被低估50,000
b)本來應該記費用,結果包含在了closing inventory當中
expense少了10，導致NP多了10 ,對GP無影響.
closing inventory多了10 ,導致cost of sal
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