Question
4) Which of the following does not appear in a Profit and Loss Account? A Carriage inwards C Discounts allowed B Carriage outwards D Discounts
| 4) Which of the following does not appear in a Profit and Loss Account? | |||
| A | Carriage inwards | C | Discounts allowed |
| B | Carriage outwards | D | Discounts received |
| 5) Discounts received amount to $10500 and discounts allowed to $13000. The discounts received have been debited, and the discounts allowed have been credited in the Profit and Loss Account. What has been the effect of these errors on net profit? | |||
| A | Understated by $2500 | C | Understated by $5000 |
| B | Overstated by $2500 | D | Overstated by $5000 |
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Auditing Your Information Systems And IT Infrastructure Practical Audit Programs Checklists For Internal Auditors
Authors: Nwabueze Ohia
1st Edition
1973136260, 978-1973136262
