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Closing stock was overstated. The effect is that

Accounts - Principles of Accounts
WAEC 2000
Closing stock was overstated. The effect is that
  • A. amount of goods available was understated
  • B. cost of goods sold was overstated
  • C. amount of sales was understated
  • D. gross profit was overstated
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Correct Answer: Option D
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Your School's Whatsapp Group - Join Us now